Dear clients and friends
Welcome to the July issue of Morrows Insight and the start of a new Financial Year! We hope you enjoy the following articles.
Staff Spotlight: Introducing Steven Jell
A new addition to the Morrows’ Legal team is Lawyer, Steven Jell. Steven has practised in a wide range of areas of law with a focus on estate planning, administration and litigation and commercial transaction matters – click here
SuperStream Deadline for Small Businesses now Extended
The ATO has now announced it will provide small businesses with “compliance flexibility” by extending the SuperStream deadline from 30 June 2016 to 28 October 2016 – click here
Get the New ATO App “myDeductions”
Save time and keep your tax organised with the ATO app’s myDeductions tool.
myDeductions makes it easier and more convenient for you to keep your individual income tax-related deductions all in one place – click here
WARNING – Don’t get Stung with Additonal Duty
Foreign purchasers acquiring residential property in Victoria pay additional duty of 3% on the dutiable value of the share of the property acquired (known as Foreign Purchaser Additional Duty or FPAD).
FPAD increased from 3% to 7 % on 1 July 2016 and also applies in some instances to discretionary trusts if a trust’s general beneficiaries include a foreign person, corporation or trustee of another foreign trust – click here
Congratulations to BikeExchange, Sponsor of Orica-BikeExchange – Tour de France Stage 10 Winners
Long-term Morrows client Marketplacer, a technology platform for online marketplaces and parent company to BikeExchange, has recently stepped up its involvement in pro cycling by announcing the naming rights sponsorship with the newly titled team Orica-BikeExchange – click here
Call for ASIC to Regulate Aged Care Financial Advice
With the financial arrangements for nursing homes becoming increasingly more complex, there has been a call for aged care financial advice to be regulated by the Australian Securities and Investments Commission (ASIC) – click here
A Timely Reminder to Seek Advice before Setting up your Life Insurance
We recently heard of a case where a husband and wife took out two life insurance policies through two different providers.
The husband passed away suddenly from a heart attack. One policy which had been in place for a few years was paid out, the other which was in place for only a few months was declined.
Make sure you understand what you’re signing up for – click here