Gearing up for Tax Season - Posted 10.6.08

We're eagerly anticipating the upcoming tax season.

New arrangement for financial planning - Posted 12.4.08

We've begun a new co-operative arrangement with PCG Financial Services. Ring us for more details.

New Employee - Posted 17.7.07

Hoff and Ashby have great delight in welcoming Ronal Nair to our team as our new full time accountant. We are pleased to see how well he has hit the ground running in our most busiest time of the year. We look forward to his great contibution to enable our firm to continue its rapid growth.

Offices at Felixstow & Morphett Vale to be open for Extended Hours - Posted 25.6.07

To assist full time working tax payers, the Felixstow Office will be open for completion and lodgement of tax returns on Saturday mornings from 9.00am to 11.30 am and Monday to Friday evenings from 6.00pm to 9.00pm during tax season. Please ring 83652138 to make an appointment. The Morphett Vale Office will continue the tradition of being open on Saturdays again this year. Some evening appointments are also available. Ring the Morphett Vale Office on 83848255 for details.
- Low Income Offset, increased to $600 for incomes below $25,000 for the 2006/2007 financial year. This means that a taxpayer can earn up to $10,000 before any tax needs to be paid.

Further Up Dates for New Financial Year 2006/2007 - Posted 19.6.07

- Pensioner Offset, A single age pensioner needs to earn at least $24,867 before they need to lodge a 2006 return. Partnered age pensioners need to earn at least $20,680 each before they need to lodge a 2006 return. A sole parent needs to earn at least $19,454 before they need to lodge a 2006 return. If the pensioner, earns more that these amounts or receives imputed credits from any shares or investments they own, or have had tax deducted from their pension or any other income, please ring us for advice.

- Mature Age Worker Tax Offset, The $500 offset reduces by 5c/$ over $53,000 until it cuts out at $63,000. To get the maximum offset, the mature age worker needs to earn at least $10,000.

- 30% Child Care Offset, make sure that your child care is approved, (that is you are entitled to CCB from the FAO). The offset is 30% of the out of pocket expenses, (that is Approved Child Care Fees less Final CCB Entitlement) for the year 2005/2006.

- Pro-Rata Tax Free Threshold for Students, this has been removed in 2006/2007 year. This means the student will receive the full $6,000 threshold for this financial year, regardless of when the student leaves full time study.

- Occupations being targeted by the ATO, this year the following occupations will be looked at closely; hospitality workers, factory hands, store workers, process workers, mechanical, automotive, electrical trades persons and mining site employees. Please ring our office for more details. Owners of holiday rental properties need to be careful as well!!

Important Changes in Taxation Affairs Announced In This Years Budget - Posted 25.5.07

1. New Tax Scales

current - 2006/2007		proposed - 2007/2008		proposed - 2008/2009
Threshold	Tax Rate	Threshold	Tax Rate	Threshold	Tax Rate
$0 to $6,000	0%	$0 to $6001	0%	$0 to $6000	0%
$6001 to $25,000	15%	$6001 to $30,000	15%	$6001 to $30,000	15%
$25,001 to $75,000	30%	$30,001 to $75,000	30%	$30,001 to $80,000	30%
$75,001 to $150,000	40%	$75,001 to $150,000	40%	$80,001 to $180,000	40 %
$150,001+	45%	$150,001 +	45%	$180,001+	45%

2. Rebates

There has been an increase in a range of rebates. A summary is shown below;
- Low Income Rebate, increased to $600 for incomes below $25,000 for the 2006/2007 financial year, increasing to $750 for incomes below $30,000 in 2007/2008 financial year.
- Dependant Spouse Rebate, Increased from $1,655 to $2,100 from 1/7/07

3. GST Matters

GST Registration for Small Businesses
From 1/7/07, a business with a annual turnover of less than $75,000 does not need to register for the GST (previously it was $50,000), however, they can still volunteer to register if they wish. Remember, an ABN is still required for any business, regardless of whether they register for the GST or not.

Tax Invoices
From 1/7/07, a business who makes purchase of $75 will no longer require a valid tax invoice to claim an input tax credit ( previously it was $50).

World Vision Sponsorship - Posted 1.5.07

Hoff and Ashby Pty Ltd are proud to announce that they doing some good in the world by sponsoring a young lad from Africa. His name is Diyo and lives in Kenya. We look forward to maintaining close contact with him through the mail and we plan to post updates as we receive them.