Resources

Tools, Rates, Calculators and Resources

This page has a collection of useful resources for individuals and business owners.

Rates – Australian Taxation Office

Income Tax

Individual income tax rates

Shows the percentage of tax payable for each income bracket, for individual Australian taxpayers, for the financial years 2011-12 and 2012-13.

Tax tables

This document provides a list of quick links to the pay as you go (PAYG) withholding tax tables for payments made from 1 July 2012.

Business

Consumer Price Index (CPI) rates

Current Consumer Price Index (CPI) rates.

Division 7A – benchmark interest rates

For the purposes of Division 7A, the benchmark interest rate for an income year is the Indicator Lending Rates – Bank variable housing loans interest rate last published by the Reserve Bank of Australia before the start of the income year.

Foreign exchange rates

List of daily, monthly and annual foreign exchange rates. Updated to include daily and monthly rates for June 2012.

Fringe benefits tax – rates and thresholds

This information contains fringe benefits tax (FBT) rates and thresholds for the 2011-12 and 2012-13 FBT years.

Fuel tax credit rates and eligible fuels

Provides details of eligible fuels and fuel tax credit rates.

Tools  & Calculators – Australian Taxation Office

ABN entitlement tool (individuals/sole traders)

This decision tool is designed to assist individuals and sole traders to determine whether they are entitled to register for an ABN.

CGT small business concessions tool

This tool will help tax agents to determine if an entity satisfies the basic conditions and is eligible for the capital gains tax (CGT) concessions that are available for small business.

Decline in value calculator

Provides reports of decline in value calculations. This includes disposal calculations, and comparisons between the prime cost and diminishing value methods of calculating deductions for decline in value.

Employee/contractor decision tool

This decision tool helps payers in the building and construction industry determine whether a worker is engaged as an employee or independent contractor. It will give a decision based on answers to some simple questions.

Fuel tax credit eligibility tool

This decision tool is designed to help you work out if the fuel you use in your business is eligible for fuel tax credits.

GST food classification decision tool

This decision tool will ask you a series of questions to help you determine whether a food or beverage is GST-free or taxable. NAT 73129.

Home office expenses calculator

This calculator will help you work out the deduction you can claim where a home office is used for income producing purposes. This calculator is available for the 2009-10, 2010-11 and 2011-12 income years.

Record Keeping Evaluation Tool

Advice about business records you need to keep, and how well you keep them.

Simple tax calculator

This calculator will help you work out the tax you owe on your taxable income for the 2009-10, 2010-11 and 2011-12 income years.

Tax withheld calculator

If you are an employer or another withholding payer, the TWC helps you work out the tax you need to withhold from payments you make to employees and other workers.

Work related car expenses calculator

This calculator will help you work out all four methods of work related car expenses.

Work related uniform expenses calculator

Calculates the deduction for work-related uniforms, clothing, laundry and dry cleaning expenses.

Other Resources

Dropbox – Online Document Storage Program

Dropbox is a free service that allows the storage and sharing of documents, videos and photos online. Files can be accessed from any computer or mobile device using an internet browser or through the free Dropbox program. *Note: An internet connection is required to utilise this service.*

Skype – Free Internet Voice and Video Calls

Skype is a service that allows users to communicate by voice, video and instant messaging over the internet. Registration and communication between Skype users is free. Skype also offers call services to landlines and mobile phones at low rates. *Note: Skype cannot be used to make emergency calls. An internet connection is required to utilise this service.*

TeamViewer – Free Remote Control, Remote Access and Online Meetings

TeamViewer enables Macs, PCs and mobile devices to remotely access computers over the internet or hold online meetings. TeamViewer is free for private non-commercial uses. *Note: An internet connection is required to utilise this service.*

business.gov.au

This site provides government information and transactions for people operating a business (or planning to start a business) and their advisers. You can apply for an Australian business number (ABN) electronically, and search for a business’s ABN on this site.

CPA Australia

CPA Australia is a representative association of Certified Practising Accountants that participates in ATO consultative forums.

Is your business tax-ready?

Information and download of TaxReady – a tool to help small businesses improve their business tax practices.

Home-based business

Additional tax considerations for people operating a business at or from their home.

How to set out tax invoices and invoices

Voluntary standards to help you set out tax invoices as well as invoices that don’t include GST. NAT 11675-11.2010

MoneySmart

ASIC’s special investor and consumer website MoneySmart offers free, independent guidance to help you make the best choices for your money. It is put together by an experienced team of financial planners and consumer educators.

Personal services income checklist – how might it affect my business?

This document explains how personal services income may affect your business

Scamwatch

SCAMwatch is to provide information to consumers and small business about how to recognise, avoid and report scams. Scams that are reported to SCAMwatch will be analysed by the ACCC.

Step by step guide – personal service income

Outlines the alienation of personal services income measure: who is affected and what it means for them.

Valid tax invoices and GST credits

Explains the requirements of a valid tax invoice and recipient created tax invoices (RCTIs). NAT 12358

WageNet

WageNet is the Department of Employment and Workplace Relations website that provides information about wages and employment conditions. It has links to state government websites about the same topic.

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