Horizon Accounting Group Pty Ltd was officially launched at our newly renovated premises at 21 Russell Street in early August. Queensland Attorney-General and Minister for Justice, and State Member for Toowoomba North, Kerry Shine, officiated at the event. Guests mingled and enjoyed a drink while taking in the comforts of our new offices.

Horizon Accounting Group Pty Ltd participated in this year's Global Corporate Challenge (GCC) which finalized on 23 September 2008.

It was a battle of the sexes with the boys verses girls race around the cyber world. The boys team rose to the challenage and were the victorious winners. During the 125 days both teams reached a daily average of over 10,000 steps per day.

GCC is designed to empower corporate organisations to create a healthier workplace to reduce the risk of chronic diseases from the triple threat of longer workdays, sedentary occupations and little or no exercise.

Each year the GCC funds vital clinical research into afflictions including heart disease and diabetes. This study is carried out by the Heart Disease and Diabetes Prevention Centre (HDDP). GCC also helps communities around the world suffering from survive crisis brought about by poverty, war, famine, and disease, to reducing our individual environmental impact through carbon abatement and lifestyle choices.

The 2008 financial year heralds a new beginning for Horizon Accounting Group.

Alex Terwijn, Tim Davis and Matt Cherry (former partners of Elliotts Accounting) have formed Horizon Accounting Group based at their new premises at 21 Russell Street, Toowoomba.

"It is an exciting time for our staff and clients" said Tim Davis. "We are looking forward to building on the relationships we have with our existing clients and continuing to provide them with professional advice and support."

As announced in the 2008-09 Budget, families will be able to claim a 50 per cent Education Tax Refund from 1 July 2008.  The aim of the Education Tax Refund is to help families meet the costs of educating their children and ensure that they have access to the resources needed to improve educational outcomes. Eligible families will be able to claim a 50 per cent refund every year for eligible education expenses up to: $750 for each child undertaking primary studies (maximum refundable tax offset of $375 per child, per year); and $1,500 for each child undertaking secondary studies (maximum refundable tax offset of $750 per child, per year). Parents entitled to Family Tax Benefit (FTB) Part A in respect of children undertaking primary or secondary school studies for the relevant financial year are eligible to the Education Tax Refund. Eligibility is also extended to parents with school children undertaking primary or secondary school studies who would be an eligible child for FTB Part A purposes, but for the fact that the child receives certain payments or allowances, for example: Youth Allowance; Disability Support Pension; and ABSTUDY Living Allowance. Further details are contained in the supporting Fact Sheet below. Manager Individuals Tax Unit Personal and Retirement Income Division The Treasury Langton Crescent PARKES ACT 2600 Email: etr@treasury.gov.au

Documents Available:

Acrobat (PDF) Education Tax Refund – Fact Sheet  76.68kb

EDUCATION TAX REFUND FACT SHEET

Setting up a first home saver account

What is a first home saver account?

A first home saver account is a savings account designed to offer you a simple, tax-effective way of saving for your first home through a combination of government contributions and low taxes. Using a first home saver account means that from 1 October 2008, the government is going to help you save for a home.

How is a first home saver account different from a normal account?

First home saver accounts are designed to help you buy your first home.

It’s a special purpose account that’s more like a term deposit than a normal, everyday account, because you have to keep the money there for a minimum period of time. Once that time has passed and you make the decision to buy your home, you have to withdraw all the money at once and close the account.

The advantages of a first home saver account over a normal account are that government contributions add to your savings, and withdrawals are tax-free.

Earnings on first home saver accounts are taxed at 15% but this must be paid by the account provider.

You can also make personal contributions at any time – for example, from your pay, a tax refund or an inheritance.

What is a home?

A home is a dwelling. This means a unit of accommodation that’s fixed to the land, such as a:

• house
• flat
• unit
• apartment
• townhouse.

It does not include a demountable dwelling, mobile home, caravan or boat, unless it is suitable for you to occupy as a residence and is fixed to land you own.

How long do you have to live in the home for?

You must live in the home for at least six months and it must be your main residence. The six month period must start:

• within 12 months of you becoming the owner of the home (which happens on settlement of the contract), or
• within 12 months of the construction being completed. Generally, this is when the certificate of occupancy is issued.

This is known as the ‘occupancy rule’.

How do you apply to open a first home saver account?

You need to decide which account provider you’re going to open your first home saver account with and then complete an application form.

To open an account, you must satisfy the eligibility criteria and provide your tax file number.

Does the first home saver account replace the First Home Owner Grant?

The first home saver account does not replace the First Home Owner Grant. If you meet all the conditions, you may be eligible for both; however, you have to use a separate applications process for each.

If you open a first home saver account and earn interest, will this affect your Centrelink payment or your family tax benefit?

Any interest your earn from your first home saver account is not your income and is not taken into account in assessing your entitlement to Centrelink payments including family tax benefit.

Earnings in the account are taxed at 15% but the tax is paid by the provider of the account.

When can you open a first home saver account?

Account providers will be able to offer first home saver accounts from 1 October 2008.

Can you open a first home saver account at your usual bank, building society or credit union?

You need to check whether your bank, building society or credit union is offering these accounts. Account providers also include:

• life insurance companies
• friendly societies
• trustees of public-offer superannuation funds.

Tax thresholds from 1 July 2008

           Income Range             Rate

           $0 - $6,000                    0

           $6,001 - $34,000          15%

           $34,001 - $80,000         30%

           $80,001 - $180,000       40%

           $180,001+                     45%

Tax thresholds from 1 July 2009

           Income Range             Rate

           $0 - $6,000                    0%

           $6,001 - $35,000         15%

           $35,001 - $80,000        30%

           $80,001 - $180,000      38%

           $180,001+                    45%