A guide to aged care fees and all those confusing acronymsConfused about aged care fees and what they mean? You’re not alone. If you or a loved one needs to consider a move into residential aged… READ MOREHow Trump’s Return to the White House Could Impact Your Investment PortfolioDonald Trump has made a political comeback, winning the 2024 U.S. presidential election as the 47th president. His victory comes alongside a Republican-led Senate, with… READ MOREUnderstanding Victoria’s Vacant Residential Land Tax: Key Updates and ImplicationsThe Victorian Government has passed significant legislation aimed at property owners who hold vacant residential properties, including holiday homes, for more than six months within… READ MOREEstate and Financial Emergency Plan – Prepare for the UnexpectedIn life, we often plan for the expected—holidays, milestones, buying a home, and retirement. However, it’s just as important to plan for the unexpected. While… READ MOREHow to organise your personal information for family in time of needWith so much of our financial and personal information now stored online, keeping track of passwords, vital documents, and digital assets is essential to safeguarding… READ MOREmyGovID is Changing its Name to myIDTo help reduce confusion for Australians between myGovID and myGov, the Australian Taxation Office (ATO) has announced that myGovID will be renamed as myID in… READ MOREChanges in Aged Care are coming – Will Aged Care Cost More? If you’re part of the ‘sandwich generation,’ juggling the care of ageing parents and your own family, you’re not alone. Many families are unprepared for… READ MOREAre You Paying the Loyalty Tax on Life Insurance?Loyalty might seem like a virtue, but when it comes to life insurance, staying with the same insurer for too long could cost you more…. READ MOREBuilding a Legacy: How to Ensure Your Wealth Lasts for Future Generations Australia is on the brink of an extraordinary financial shift, with an estimated $3.5 trillion set to be passed down as baby boomers transfer their… READ MORESMSF Lending: Is It Worthwhile Borrowing within your SMSF?Borrowing Within SMSF: Is It Worthwhile? Have you ever considered using your superannuation to purchase property? Since borrowing within Self-Managed Superannuation Funds (SMSFs) was permitted… READ MORENew Legislation: What you need to know about ‘Your Right to Disconnect’With the developments in technology, disconnecting and switching off is becoming increasingly difficult, whether from work or our personal lives. However, newly introduced legislation, which… READ MOREPost-EOFY Planning: 7 Tips to Prepare Your Business for a Successful 2025Now that the new financial year is in full swing, business owners have the perfect opportunity to shift their focus from the challenges of 2024… READ MOREUnderstanding the New Reporting Rules for Not-for-Profits in AustraliaStarting from 1 July 2023, thousands of self-assessing not-for-profits (NFPs) entities in Australia must lodge annual self-reviews to maintain their tax-exempt status with the first… READ MOREVictorian Government Announces Welcome Payroll Tax Relief for GPsIn a move aimed at supporting the medical industry and alleviating financial pressures on general practices, the Victorian Government recently announced a series of payroll… READ MOREFederal and Victorian State Budget Update 2024Over the last week, the Victorian State and Federal Governments unveiled their budgetary blueprints for 2024. This article summarises the key highlights, providing a snapshot… READ MOREReminder: April 30 Deadline Approaching for R&D Tax IncentiveIs your business at the forefront of innovation? Have you developed groundbreaking products or processes that could enhance your competitiveness in the market? If so,… READ MORETax benefits from Voluntary Superannuation ContributionsWhen you retire, your superannuation is likely to become an important source of your income. That’s why it’s a good idea to top it up… READ MOREWho’s most at risk of a Tax Audit?As tax advisors and accountants, we work hard to prepare your financial accounts and tax returns as accurately as possible. However, no one can control… READ MORENavigating the Road to Stage 3 Tax CutsTime to start Tax Minimisation Planning! The long-anticipated stage 3 tax cuts, greenlit in 2018 and set to unfold in the 2024/25 income year, are… READ MOREStrategic Tax Planning and Minimisation OpportunitiesTime to start Tax Minimisation Planning! The long-anticipated stage 3 tax cuts, greenlit in 2018 and set to unfold in the 2024/25 income year, are… READ MOREExploring the Power of Private Ancillary Funds (PAFs)Philanthropy and Private Ancillary Funds When it comes to philanthropy, the desire to make a meaningful and lasting impact on the world is a common… READ MOREMorrows Welcomes Next Generation Executive TeamWe are excited to share a momentous occasion in Morrows’ history with you. As we celebrate our 65th anniversary, we are delighted to introduce our… READ MOREMorrows Celebrates 65 years of Commitment and Long-Lasting ConnectionsWe are thrilled to share the news that we are celebrating Morrows’ 65th anniversary in 2024! As we reflect on our rich history and look… READ MOREElectric Vehicle tax cuts deliver savings to businesses and individualsAs part of the Federal Government’s climate policy, the government is rolling out several new initiatives to help encourage individuals and businesses to zero-emission vehicles…. READ MOREThe Most Effective Ways to Minimise Your Tax BillWith the end of the financial year approaching, now is the ideal time to meet and discuss the suitable actions you can take before 30… READ MOREHow to minimise your tax by using a “Bucket Company”As a business owner or investor, now is the ideal time to start planning for ways to reduce your tax liability. One strategy to consider… READ MOREWhat you can and can’t claim on rental properties this tax timeTax time is fast approaching, and the Australian Taxation Office (ATO) is again urging rental property owners to be extra careful in preparing their tax… READ MOREThe common misconceptions regarding holiday rental properties – what you can and can’t claimDo you own a holiday house? Do you rent it out throughout the year to try and cover costs and use it as a tax… READ MOREThriving in Turbulent Times: A Roadmap for Small Businesses to Thrive in 2024 As we step into a new year, it’s crucial to acknowledge the unique challenges small businesses have faced over the last few years. Late in… READ MOREWorkplace Gender Equality Reforms: Closing the Gap and Fostering InclusivityParallel to the efforts to combat sexual harassment, the Australian workplace is undergoing significant reforms aimed at closing the gender pay gap and fostering gender… READ MOREKey Updates in Fair Work Legislation Affecting SMEs The past year has seen significant transformations with enacting the Fair Work Legislation Amendment in the ever-evolving employment law landscape. As your trusted advisor, we’re… READ MOREEmployers Positive Duty to Stamp out Sexual DiscriminationIn the dynamic landscape of workplace equality, the Australian Human Rights Commission (AHRC) has been at the forefront, responding to the urgent need for comprehensive… READ MOREATO’s Tax Compliance Crack Down Calls for Audit Insurance as a Safeguard In recent years, wealthy Australians and small-business operators have come under increasing scrutiny from the Australian Tax Office (ATO) as it intensifies efforts to ensure… READ MORENavigating the Future: Creating a Thoughtful Exit Strategy for your Family BusinessesRunning a family business is a journey filled with unique challenges and rewards. Many family business owners pour their hearts, souls, and resources into building… READ MOREDeadline approaching: Review Unfair Contract Terms or risk millions in fines.From November 9 2023, laws surrounding unfair contract terms (UCT) in Australia will see significant expansions; affecting a much broader range of contracts than ever… READ MOREBusiness Succession Planning and Buy-Sell Insurance: Safeguarding Your FutureIn the business world, unforeseen events can swiftly reshape our path, urging quick adaptation. At Morrows, we’ve personally experienced the weight of this truth following… READ MOREUnderstanding the Impact of HECS-HELP Debts on your Tax BillRecent media coverage and social media discussions have shed light on a concerning upward tax bill trend, especially from young professionals. Individual taxpayers have recently… READ MOREMade in Victoria – Industry R&D Infrastructure FundEmpowering Victorian Manufacturing through Innovation: Introducing the Made in Victoria – Industry R&D Infrastructure Fund To help invigorate the manufacturing landscape, the Victorian Government has… READ MOREWhy Morrows has Embraced Box for Enhanced Data Security At Morrows, we take your data protection seriously. To help better protect your data and personal information, we have and will continue to update our… READ MOREHow the ATO is using Rental Property Data Matching to target property investorsOwning a rental property can be a rewarding investment, but it also comes with tax obligations that must be diligently managed. Understanding the intricacies of… READ MOREATO Refund Fraud- What to Do If Your Data Has Been CompromisedRecently, Morrows has observed a surge in scammers following the Medibank Private, Latitude Financial and Optus data leaks. These scammers have specifically targeted individuals whose… READ MOREThe Changing Face of Scams: Impersonation scamsScams have not only evolved but have also become increasingly sophisticated. Once limited to phone calls or mail fraud, con artists have turned this into… READ MOREDefending your Finances: Practical Steps to Prevent CybercrimeIn an era driven by advanced technology and online communication, the world of scams has undergone a rapid transformation. Fraudsters and cybercriminals have taken this… READ MOREWhat to do if your information was exposed in the data breachData breaches have become an unfortunate reality, and the risk of personal information falling into the wrong hands is a growing concern. If you find… READ MOREProtect yourself from Scammers – Recent breaches and tips to help stay safeOver the recent years, scammers have been getting increasingly sophisticated in their attempts to steal your money or personal details. Over the last year, we… READ MOREVictorian State Budget 2023: key takeaways for Individuals and SMEsThis week our State Treasurer, Tim Pallas handed down the Victorian State Budget 2023-24, and it seems that landowners and mid-market businesses will be those… READ MORENew employer obligations regarding the Respect at Work Bill On 28 November 2022, the Australian Parliament passed the Anti-Discrimination and Human Rights Legislation Amendment (Respect at Work) Bill 2022. This legislation significantly changes employers’… READ MOREHiring Help: A Breakdown of Government Incentives and Wage Subsidies Available for EmployersLooking for ways to build a more engaged and diverse workforce? The Australian Government has introduced a range of incentives and wage subsidies to help… READ MOREFederal Budget 2023-24: key takeaways for individuals, small businesses, and superannuationThis week, our Labour Treasurer, Jim Chalmers, delivered Labour’s Federal Budget for 2023-24. The Budget has had mixed reviews across the media and industry; with… READ MOREReporting on the market value of Real Property held in a Self Managed Superannuation Funds (SMSF)ATO Real Property Valuation Guidelines for Self Managed Superannuation Funds (SMSFs) In conjunction with a recently issued version of their ‘Valuation guidelines for self-managed super… READ MOREHow to easily determine the cost of charging your Electric VehiclesCalculating the actual cost of charging an Electric Vehicle (EV) at home can be tricky. It’s not like you can keep a copy of your… READ MOREWhat the collapse of Silicon Valley Bank means for Aussie Investors?Silicon Valley Bank (SVB) or the go-to bank for US tech startups suddenly collapsed last Friday, with US$200 billion in bank deposits now stranded. Its… READ MORESuper balances over $3 million will see tax rate double to 30% by 2025Recently, the Australian Treasurer, Jim Chalmers confirmed that individuals with superannuation balances over $3 million will see their tax rate double to 30% from 2025-26…. READ MORETop 3 P’s of New Year Business Resolutions for 2023Happy new year! And haven’t the last few years been full of highs and lows? 2022 was certainly a year in which we challenged ourselves… READ MOREZero Emission Vehicle Subsidy to help boost electric vehicles uptakeThe Federal and Victorian State governments have recently introduced a number of incentives to encourage the use and uptake of Electric Vehicles (EV) across Australia…. READ MORENovated lease benefits for employees and employersAs advisors, we always look for innovative ways to help our clients financially reward, motivate and entice employees without going over budget. One of the… READ MOREAlternatives Assets and Portfolio Risk/ReturnThe investment landscape is changing…Are investors changing with it? The supply of and demand for private capital (in both equity and debt markets) and alternative… READ MORETax Objections – To object or not to object, that is the questionEver feel that you are paying too much tax? I’m sure you are not the only one. But, have you ever thought that your reasons… READ MOREThe 2023 Federal Budget – What it means for Individuals and SMEsThis week, our new Labour Treasurer, Jim Chalmers, delivered Labour’s first Federal Budget for 2022-23. The Budget has had mixed reviews across the media and… READ MOREFlood relief support for Victorian Small BusinessesVictoria’s flood crisis is far from over, with small businesses across the state still swamped and business owners still under threat from more flooding. To… READ MOREBonds are safe defensive assets… aren’t they?2022 is likely to set another record – the largest losses for bondholders in over 100 years! And it is not even close. To the… READ MOREAre your trust deeds up to date?Do you have a trust deed? Does your trust distribute income to multiple beneficiaries? If your trust deed was created before 29 June 2011, it… READ MOREDid you know you may need to be paying super to your contractors?Does your business or organisation engage independent contractors? Did you know that independent contractors who are engaged to service your customers or clients can be… READ MOREWhat’s the difference between a patent and a trade secret? And how to protect your IPAs a business owner, it’s critical to be across ways to protect your business’ secret weapons and Intellectual Property. One highly desirable form of intellectual… READ MOREChart of the Month- SeptemberWhere to from here? How much further is there to go? The S&P 500 equity index entered a ‘bear market’ during the first half of… READ MOREControversial Land Tax scrapped for Queensland property ownersGreat news for Queensland landholders, on 30th of September 2022, Queensland Premier Annastacia Palaszczuk announced she will no longer approve the controversial land tax after… READ MORECalling all SME’s | $2,000 Grants to go towards financial and legal adviceThanks to the Victorian Government, small businesses are now entitled to receive a $2,000 grant for financial and legal services. The $5 million Small Business… READ MOREWhy do you need to urgently register your .au domain?.au Domain- Register now or Lose it The organisation responsible for managing Australian domains, auDA, has recently announced that Australians can now purchase a domain… READ MOREChart of the Month – AugustWhat happens when rising interest rates cause all asset classes to fall simultaneously? The largest destruction of wealth on record. After years of low inflation… READ MOREWhy should you register your trademark?When you’re starting a business or looking to launch a new brand, it’s critical to understand what you need to protect your brand. The most… READ MOREProtecting your assets under the Personal Property Securities Register (PPSR)Do you hire out plant and equipment? Do you sell stock on consignment? If so, you should know the importance of the Personal Property Securities… READ MOREChanges to the Export Market Development Grants to Boost Global Growth OpportunitiesFor many years, the Federal Government has supported and encouraged businesses to expand their exporting potential by providing cash rebates known as the Export Market… READ MOREChart of the Month- JulyWhat comes up, must come down. What effect interest rates will have on housing prices. Australians love property, and building a property portfolio is achievable… READ MOREAm I at risk with my trust distributions ? What you need to know about section 100A?Recently, the ATO has been reviewing and making changes to the requirements relating to distributions of trust income to adult children. Trustees should review their… READ MOREChart of the Month- June 2022Australian wages in real terms are no different from where they were in 2012 Feeling like your income is buying you less and less at… READ MORETransitioning to Retirement – Salary Sacrificing into SuperSalary sacrificing into your superannuation involves reducing your take-home pay to put more money away for your retirement. Salary sacrificing into super is where you… READ MOREUsing Superannuation Borrowings to Purchase InvestmentsPurchasing investment property within your SMSF (self-managed superannuation fund) can be an effective way to minimise tax rather than investing in a property in your… READ MORETime to get ‘SUPER’ ready for the EOFYAre you ‘super’ ready for end of financial year? The end of the financial year marks the start of tax time but before then it’s… READ MORETax Planning – Are you prepared for the 2021/22 EOFY?With the end of the financial year approaching, now is an ideal time to discuss the actions and strategies related to you and your business…. READ MOREUnderstanding Fringe Benefits Tax (FBT): Why Lodging Returns is Best Practice for Tax ManagementNow that the 2024 Fringe Benefits Tax (FBT) year has concluded, we encourage our clients to reevaluate their FBT commitments and strategies for effective tax… READ MOREAM I AT RISK OF A TAX AUDIT?The following information is General Advice and is not personalised for your unique needs, objectives or financial situation. Please get in touch with your advisor...READ MORECPA announces The Murray Wyatt AwardRecognising the achievements of the next generation of CPAs We are proud to announce that the CPA Australia has recently launched the Murray Wyatt Award,… READ MOREThe 2023 Federal Budget – ‘Everyone Wins a PrizeThe above by-line was the headline in the CPA press release summing up the Federal Budget released by the Treasurer on Tuesday 29th of March… READ MORELATEST SCHEMES AND PACKAGES TO SUPPORT VICTORIAN BUSINESSES GET BACK ON TRACKAfter the COVID-19 pandemic and its damaging effects on the country’s economy, various stimulus packages have been made available to individuals and business owners. The… READ MORERECENT CHANGES TO CHARITY SIZE THRESHOLDS DELIVERS GOOD NEWS FOR CHARITIESThe pandemic and recent lockdowns have placed an enormous burden on businesses, not to mention the additional pressure put on charities and not-for-profit sector. There… READ MOREAre COVID Rapid Antigen Tests Tax Deductible?The federal government has announced it will make all COVID tests tax-deductible for individuals and businesses. The announcement included both polymerase chain reaction (PCR) and… READ MORENavigating the Road ForwardPractical strategies for continued success in 2022 Anyone who has been driving for hours down a dark, country road with no street lights, lights on… READ MOREIs now the best time to fix my home loan?What a great question! We’re glad you asked. Like many things, timing is everything when it comes to securing finance. The past couple of months… READ MORETop Tax Tips for 2022Keep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MOREChanges to the SME Recovery Loan Scheme and what it means for businessesIn mid-December, the Federal government extended the SME Recovery Loan Scheme for a further six months to 30 June 2022. Previously due to expire on… READ MORECryptocurrency – What is it and what are the tax implications?Cryptocurrency is a purely digital currency that is ‘tokenised’ by cryptography, making it very difficult to counterfeit and effectively enabling it to act in the… READ MORETo Hedge or Not to Hedge? Tips in minimising interest rate rise riskThe recent higher than expected inflation data has prompted the RBA to modify its interest rate view. Last month, the Bank abandoned its earlier strategy… READ MOREMental health and wellbeing surcharge on Victorian Businesses with over $10 Million in WagesMental Health and Wellbeing Payroll Tax Surcharge (surcharge) commences in the new year and is forecast to raise over $800 million for Victoria each year…. READ MOREHow to ensure your End of Year Christmas Party and Gifts are tax deductableWith the holidays and Christmas rapidly approaching, some well-earned festivities are certainly on the table. Employers are busy preparing for their end of year party… READ MOREWhat is Windfall Gains Tax and what does it mean for property owners?On 12 October 2021, a bill was introduced into the Victorian Parliament, which, if passed, would introduce a Windfall Gains Tax (WGT) on the extra… READ MOREIncome Protection Insurance – How the industry is changing and what it means for youWhether you have an existing income protection policy or are looking to obtain a new policy, the insurance industry is changing rapidly. We are here… READ MOREWhat the mandatory vaccination Directions in Victoria mean for employersVictoria’s COVID-19 Mandatory Vaccination (Workers) Directions (Directions), issued on 7 October 2021, imposes obligations on Victoria’s employers regarding vaccination of authorised workers to return to… READ MOREIs this the end of cheap interest rates?The end of cheap interest rates? Fear of Missing Out, or FOMO, has been said to be a major driver of the house price growth… READ MOREHow Victorian construction businesses can claim support for COVID-19 lockdownThe impact of two week shut down of the construction industry was felt right across Victoria, putting many businesses and their employees under further strain…. READ MOREMoving it Outdoors: State Government unveils $54.5 Million Outdoor Economy Support Package for Businesses And OrganisationsThis week the Victorian Government announced that they will be helping businesses and the community breathe new life into local neighbourhoods as we move towards… READ MORECOVID-19 and The Work from Home Revolution – Tips for Employers Now and BeyondAs a result of the COVID-19 pandemic, the concept of a traditional workplace has changed with many of us now working remotely or from home…. READ MOREBuying a First Home or Investment Property – Tips and Traps Before Signing a ContractBuying real estate is one of the most significant financial commitments that most of us will make in a lifetime. It is critical to your… READ MOREATO’s New Powers to Disclose Business Tax Debt to Credit Reporting BureausHave you received a letter from the Australian Tax Office lately regarding your business tax debt? If you have, keep reading. Your tax debt may… READ MOREAre you a director? Time to get ready for the launch of Director IDGreat news for thousands of directors who are yet to submit their Director ID application form: the deadline has been extended until 14 December. On… READ MORECasual Conversion Deadline Rapidly ApproachingFrom 27 September 2021, Australian businesses employing over 15 people will be expected to comply with changes made to the Fair Work Act 2009 (Cth)…. READ MOREWhy There Has Never Been a Better Time to Refinance – With MorrowsThe Reserve Bank’s monthly meeting on 5 October has again confirmed the official cash rate will remain at 0.10% – continuing its stated view that… READ MOREAdditional $2.34 Billion Announced in Support for Victorian BusinessesVictorian businesses have been given significant aid in the form of a $2.34 billion support package, jointly funded by both State and Federal governments until… READ MORENo More Choice for Employers When it Comes to Super Choice – from 1 November 2021Changes have been made to the Super Choice rules with the view to simplify employee superannuation by preventing the opening of multiple funds for one… READ MOREWhere Does the Money Come from?Home loans provide the path to homeownership, making them one of the most highly sought lending products available. The increased demand for mortgages has meant… READ MOREWhat is Happening with Interest Rates?In response to an impending recession during mid-2020, the RBA’s decision to cut the cash target rate to 0.10% has until now warded off potential… READ MORE$400 Million in new Business Support AnnouncedThe Victorian Government has announced a new $400 million package, jointly funded by the Commonwealth Government – welcome news for businesses and individuals that are… READ MOREFinancial Support for Workers & Businesses in NSW & VictoriaThe current lockdowns in NSW and Victoria have prompted the federal and state governments to jointly fund and provide assistance to businesses and workers in… READ MOREPayroll Tax Deferral Granted to Victorian Businesses Amid LockdownsIn the wake of Victoria’s fifth lockdown, many of Australia’s small businesses are struggling to stay afloat following the continuous disruption to operation and opportunities… READ MOREWhat is Estate Litigation?The area of estate disputes is a stressful and emotionally charged one. The feeling of being unfairly treated by a deceased loved one or dealing… READ MOREBe Aware – New Wage Theft Laws Commencing in VictoriaUnder the Wage Theft Act 2020 Employers, Directors and Officers could be held criminally liable for dishonest non-payment or underpayment of wages and other employee… READ MORELoan Approvals Facing Massive DelaysAustralia’s housing market has traditionally been a valuable asset to investors; however, recent changes have led to an unprecedently enthusiastic market and an influx of… READ MORECuckoo Smurfing – Protect Yourself From This Money Laundering SchemeIf you send or receive money from overseas using a money transfer business, you may be at risk of criminals targeting your bank account using… READ MOREChanges to the R&D Tax Incentive PortalIn response to the pandemic, seemingly all departments of the Australian government are moving their services online to customer portals or mobile applications. In line… READ MORESuperannuation Guarantee Changes – What You Need to Know?The superannuation guarantee is legislated to increase from 9.5 percent to 12 percent in 0.5 percentage point increments from 2021 through to 2025. The first… READ MOREHow to be money-wise with your financesThe impacts of the recent pandemic led to country-wide layoffs and subsequent loss of income are still being felt by many today. While it all… READ MOREHow to Deal with the Dark Side of Low Interest RatesWhile interest rates might be viewed as a welcome blessing the reality is it’s much trickier than that. Australians who have previously made wise financial… READ MOREThe 2022 Federal BudgetAustralia is in a fortunate position. The impact of the COVID-19 pandemic has been less than anticipated. We currently have it under control whilst it… READ MOREWhy it’s a great time to review your mortgageWhen was the last time you reviewed your mortgage? If you haven’t or it’s been a while, there’s a likely chance that you’re paying much… READ MOREFringe Benefit Tax and COVID-19The Fringe Benefit Tax (FBT) year end is upon us again. To assist with this year’s FBT preparation, we highlight some key changes and strategies… READ MOREThe Downside of Trusting the Process When Building a HomeThe story of being sold a dream but buying a nightmare is often heard by Morrows Legal. Our clients trust the experts and assume that… READ MOREPermanent Legal Changes Following the PandemicThe pandemic has certainly changed the world we live in, and legal processes are no exception. Whilst not all changes are as entertaining as cat… READ MOREThe Need-To-Knows About Claiming Your Legal ExpensesThe deductibility of legal expenses is determined the same way as other business expenses. That is, they are necessarily incurred in earning your business income… READ MOREHow Structure Affects Your Business Tax ObligationsYour own personal taxes are complicated enough, but as a business owner, it’s a whole new ballgame. Your business’ structure is one of the most… READ MOREImportant Changes to Car Parking Benefits in the time of COVID-19Due to COVID-19, there are few important changes to car parking fringe benefits that employers must be aware of. Formally, employees who’ve worked for more… READ MOREAvoiding Settlement Headaches – The Benefits of Retaining a Property LawyerThe Australian property market remains strong despite the challenges of COVID-19 and economists predict it will remain resilient for the foreseeable future. Victorian State Government… READ MOREA proactive approach to tax time – don’t miss out!Most of our clients receive/take advantage of our personalised tax planning. If you haven’t been, call or email us and we will help. There is… READ MOREAre you Tax Audit protected with Audit Shield?Tax auditing activity is on the rise and unfortunately, anyone can be targeted. READ MOREATO overdue taxable payment reports: Is your business risking a penalty?The Australian Taxation Office (ATO) has issued a stern warning for all overdue taxable payment reports – lodge your report or risk penalties. READ MOREHave you classified your workers correctly?Keep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MOREJobKeeper is Ending…What’s Next?With the scheme entering its final few weeks, the safety net of the Australian Government’s JobKeeper Payment enters a new phase. For some Australian businesses,… READ MORECircuit Breaker Business Support Package – Are You Eligible?As the Victorian Government announces a further $143 million package to support eligible businesses – it has provided much confusion as to who is eligible… READ MORESix Steps To Buying Your First HouseKeep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MOREInvesting in a Low Interest Rate EnvironmentKeep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MOREAustralian Super Changes 2020-2021Keep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MOREGameStop and the Short SqueezeKeep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MOREThe New SMSF Audit Requirements (APES 110) – Are They the Road to Perdition?The new SMSF Audit requirements (APES 110) - are they the road to perdition? The new independent standards commence on 1 July 2021. All “in-house...READ MORESweeping Changes to the Income Protection Insurance industryKeep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MOREATO Increasing Call FrequencyKeep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MOREBusinesses Be Alert, ATO Resuming Audit ActivitiesLifting lockdown restrictions have given Victorians reason to rejoice. Finally, we’re able to live our lives more normally once again. But with restored freedoms also… READ MOREJobKeeper Extension 2.2 AnnouncementOn 4 January 2021, businesses entered into the final period of the JobKeeper wage subsidy – JobKeeper extension 2.2. Businesses are not required to have… READ MOREVictorian State Budget 2020-21The long-awaited Victorian State Budget for 2020-21 has been uncovered from government headquarters like lockdown’s treasure map to (economic) riches, meeting responses ranging from nodding… READ MORESmall Business Digital Adaptation ProgramThe Victorian Government has recently released the Small Business Digital Adaptation Program – helping Victorian small businesses build their digital capability. The aim of the… READ MOREBudget Gifts Big Stamp Duty Savings on Residential PropertyOn Tuesday 24th of November, the Victorian State Government Budget announced that all contracts for residential property purchases up to $1 million entered into between… READ MORENo Need to Hit Up Mum and Dad, Uncle Dan to Help Buyers into Their First HomeThe Victorian Budget, released on 24 November 2020 announced the $500 million Victorian Homebuyer Fund to help Victorians buy their first home. The Fund will… READ MORECOVID Tax Measures Offer Cash Flow Benefit for BusinessesThe recent federal budget provided for two tax incentives which apply in limited circumstances – when used together however, they can create a positive immediate… READ MOREMorrows 2020-21 Federal Budget ReportThe 2021 Federal Budget is arguably the most significant in living memory. Set within the devastation of the COVID-19 pandemic, public spending is the only...READ MOREChanges to Retail Leasing LawOn 15 September 2020, the Retail Leases Amendment Bill 2019 (Vic) (“Bill”) passed the Victorian Parliament which amended key provisions in the Retail Leases Act 2003 (Vic) and the Building… READ MOREJobKeeper – Second PhaseThe Federal Government has now released the rules that will govern the second phase of the JobKeeper Payment program, which will operate from 28 September… READ MOREState Government Stimulus AnnouncementsAs COVID-19 case numbers across Victoria continue to fall, the State Government has announced further business support, as we move out of restrictions towards a… READ MOREWhen Do You Need a Business Health Check?Successful business owners tend to have a growth mindset and strive for continuous improvement within their business and industry. As businesses expand and grow, they… READ MOREHow to Effectively and Successfully Implement Change within Your BusinessThe most successful organisations are admired for their adaptability and having the flexibility needed to take advantage of dynamic circumstances. The strength of a business’s… READ MORENew Independence Guide – What Does It Mean for Me?Issue Changes to APES 110 (the code) from 1 January 2020 and The Independence Standards (the standards) from May 2020, will require Accounting Firms to… READ MOREManaging Different Personalities in the WorkplaceIt is common knowledge among business leaders that the best teams are built on a foundation of diverse skills and personalities. For so many reasons,… READ MOREJobKeeper Update Employment Condition ChangeIn what is a welcome move for many businesses, the Federal Government has announced an expansion of the employee eligibility criteria for the first phase… READ MOREWorkplace Manslaughter – Do You Have Policies and Procedures in Place?The new Victorian workplace manslaughter laws which came into effect on 1 July 2020, ensure that employers will face more severe consequences should they neglect… READ MORESuperannuation Guarantee Amnesty is Now AvailableThe Australian Tax Office has announced that the superannuation guarantee (SG) is now legally binding. The ATO has provided a number of supporting resources which… READ MOREBusiness and Tax Financial SupportVictorian Government – Business Support Fund Expansion As Melbourne and Mitchell Shire enter Stage 4 restrictions and the remainder of Victoria enter Stage 3 restrictions,… READ MOREStage 4 Restrictions – Client CommunicationsAs metropolitan Melbourne enters Stage 4 coronavirus restrictions, Morrows has made some additional modifications to our business operations during this period. Morrows remains committed to… READ MORENew COVID-19 WorkSafe Regulations for EmployersNew regulations that have been put into effect by the state government mean that employers must now notify WorkSafe immediately upon learning of any COVID-19… READ MOREBring Forward Non-Concessional Contribution for Over 65sKeep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MOREHow People Performance Can Be Optimised In ‘The New Norm’As a result of the pandemic, many office-based employees’ working arrangements have pivoted to accommodate a more flexible remote working environment which has seen both… READ MOREJuly Update – Changes to JobKeeper and JobSeekerThe recently announced update to the JobKeeper and JobSeeker payment schemes has given some clarity to Australians who continue to be economically impacted by COVID-19…. READ MOREBusiness Support Fund Expansion – What You Need to KnowA $534 million addition will expand on the State Government’s Business Support Fund, offering much needed relief to Victorian businesses. Reintroduced Stage 3 restrictions have… READ MOREHow Changing Superannuation Laws Will Affect YouKeep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MOREAre New Technologies Threatening the Audit Profession?The audit profession has been reasonably stable for a long period of time, using tried and tested methodologies and technologies – until now. With… READ MORETax Tips for Employees – Working from Home Tax DeductionsThanks to the pandemic, many of us have permanently changed our work arrangements to include more time Working From Home (WFH). Now that lockdowns are… READ MOREImportant Changes for Directors – What You Need to Know about Director Identification NumbersGreat news for thousands of directors who are yet to submit their Director ID application form: the deadline has been extended until 14 December. On… READ MOREAnnounced Changes to Minimum Wage AwardsThe Fair Work Act mandates a meeting of an Expert Panel from the Fair Work Commission (the Commission) to review the national minimum wage each… READ MOREForce Majeure and Contractual Obligations Under COVID-19Throughout the turbulence of COVID-19, many questions and issues have been raised in relation to obligations and agreements, including how they are impacted by the… READ MORECOVID-19 and Commercial Leasing and ImplicationsState Governments have put it into effect the Federal Code of Conduct which relates to tenants’ and landlords’ rights and obligations during the COVID-19 crisis…. READ MOREEarly Superannuation Access – A Serious ChoiceKeep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MOREHow to Improve Your Financial Situation Post COVID-19We’re all a bit worried at the moment. If you’ve been paying any attention, you are probably absorbing a lot of news on the state… READ MOREMorrows Private Wealth Market Portfolio Strategy Update – May 2020Keep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MORETemporary Changes to Witnessing of Legal Documents Due to COVID-19The witnessing of Estate Planning documents, affidavits and statutory declarations have always been subject to strict legislative requirements which must be met in order for… READ MOREComplimentary Business and Personal Development Courses to Deal with COVID-19To help clients dealing with COVID-19, Morrows is offering two FREE online courses. The current climate may present the opportunity to spend some extra time… READ MOREPandemic Effects on Australian Real EstateHouse prices might fall as much as 32% in the next three years; for anyone looking to sell or invest in residential or commercial property,… READ MOREDevelopments for Victorian Business Support Funds and JobKeeperMany businesses and individuals will be affected by new developments in the second phase of Victoria’s Business Support Fund grants and the JobKeeper Program. Both… READ MORETemporary Changes to the Foreign Investor FrameworkIn light of the COVID-19 pandemic, Australia’s Treasurer Josh Frydenberg has introduced new measures to protect Australian real estate and businesses from foreign investor acquisitions…. READ MOREEnd of April JobKeeper UpdateAs April draws to an end, the first wage subsidy payments under the ATO’s JobKeeper program will soon be paid to thousands of businesses across… READ MOREJobKeeper Payment Enrolment is OpenA key milestone in the JobKeeper Payment program started on Monday 20th April, with the official enrolment for the JobKeeper Payment program opening up to Employers…. READ MORECOVID-19 Increases Cyber Security ThreatsAustralians under severe financial strain have been subjected to an increased number of cyber security attacks in recent weeks. Due to a focus on finances,… READ MOREJobKeeper Program – ATO GuideTo ensure that our clients are across the latest details from the JobKeeper Program, Morrows has summarised key information about enrolling and applying for the JobKeeper… READ MOREJobKeeper Wage Subsidy ApprovedOn the 8th of April, Federal Parliament approved the $130 billion JobKeeper wage subsidy. Prime Minister Scott Morrison said the crisis could last “far longer”… READ MORECode of Conduct Brings Relief for Commercial TenantsOn Tuesday 7 April, the National Cabinet released its “Mandatory Code of Conduct” setting out principles to apply to varied terms to be agreed between… READ MOREThe “JobKeeper” Initiative – A Game ChangerEarlier this week the Federal Government announced the third round of its economic stimulus measures in response to the impact of COVID-19. This represents a… READ MOREDeferring Loan Repayments Under the Economic Strain of COVID-19Keep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MORECOVID-19: Time to Renegotiate Your Lease?The worldwide outbreak of COVID-19 has brought unexpected uncertainty to both landlords and tenants. Concerns about imminent business interruption and consequent cashflow issues are prevalent…. READ MOREThe Importance of Estate Planning in the Face of CrisisThe evolving economic and health crisis arising from COVID-19 has resulted in the world experiencing unprecedented change and complications. These are expected to continue for… READ MOREInsurance Update – COVID-19As COVID-19 (Coronavirus) spreads across the globe, we want to keep you informed of what the pandemic may mean for your existing insurance coverage, should… READ MOREFinancial Support Measures for Businesses During COVID-19 OutbreakIn the wake of the COVID-19 economic impact, Governments and banks have been working to provide support for businesses. Expectations for the business climate in… READ MORELegal Obligations for Employers During COVID-19 CrisisThe COVID-19 outbreak and new social distancing measures have resulted in industry wide shutdowns. Many organisations are left wondering what their legal obligations are to… READ MOREFederal & State Government Economic Stimulus UpdateThe Treasury has announced the Federal Government’s second stimulus package. This package builds on existing measures announced previously, as well as implementing new concessions to… READ MOREWith Great Sorrow We Announce Morrows Principal of Audit Lee Wong has Passed AwayWith deepest sympathies and sadness in our hearts, we must inform the Morrows community that our dear friend and Principal of Audit Lee Wong passed… READ MORECOVID-19 Morrows Operational Changes from Friday 20th MarchAs COVID-19 (Coronavirus) spreads across the globe, Morrows is committed to ensuring the safety of our workforce, clients and community. We want to let you… READ MOREATO Support for Businesses Affected by COVID-19Your team at Morrows will assist you with ATO support, contact, applications and registrations to get the best outcome for you and your business. In… READ MOREAre You Entitled to Access the $17.6 billion COVID-19 Stimulus Package?Yesterday the Government announced a $17.6 billion stimulus package will be released including cash handouts, wage subsidies and tax incentives. Our Business and Tax Team… READ MORECOVID-19 UpdateDear valued clients, With the outbreak of COVID-19 and the World Health Organisation declaring it as a global pandemic, we are monitoring the situation carefully… READ MORESteps to Protect Your Staff During the Coronavirus CrisisAs the severity of the coronavirus crisis continues to grow, businesses need to be prepared to embrace a flexible culture in the workplace. At a… READ MORETips to Prepare and Support Your Business Through the Coronavirus OutbreakStephen Covey wrote that you must “take control of that which you can control”. Facing a potential crisis such as coronavirus, is extremely challenging and… READ MOREWhen Does a Business Need an Independent Audit?Without regular and proper audits, your entity may be risking operational efficiency and compliance to various industry and legislative standards. An independent audit is the… READ MORECase Study: Aged Care – KateKeep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MOREGST TAX Alert – Director Penalties for Late GST to Apply from April 1, 2020Parliament has recently passed legislation that increases the responsibility of directors’ taxation obligations. The Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 extending the director… READ MOREMitigating Audit RiskAs modern businesses strive to improve operational processes, internal analysis has become an increasingly relevant action. One of the most common forms of analysis is… READ MOREThe Importance of Family and Third-Party input in Aged Care DecisionsUnfortunately, none of us can be young forever. If the time has come for you or a loved one to consider the move to aged… READ MOREPrivate Wealth Half Yearly Market Update – February 2020 Keep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get… READ MORESingle Touch Payroll and TaxAs of July 1st, 2019, STP reporting became compulsory for all employers. Single Touch Payroll (STP) is a new method for Australian employers to report… READ MOREPerks of Joining a Self-Managed Super FundKeep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MOREStruggling with Multiple Debts: The Value of Debt ConsolidationKeep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MOREWhat to Consider When Saving for Your House DepositBuying a house is the biggest purchase many of us will ever make and so it carries a significant financial responsibility. The first part of… READ MOREAustralian Employers Under Fire to Stop Withholding Super PaymentsFollowing the end of 2019’s final quarter, the ATO will send emails to 4,000 Australian employers thought to be withholding super payments to reminding them… READ MOREATO Compliance – Tax Tips for BusinessesThe Australian Tax Office keeps a watchful eye on all business activities. Businesses of any size are under obligation to ensure their ATO compliance to… READ MORETypes of Aged Care to ConsiderKeep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MOREMotivating Children to Take More Responsibility with MoneyKeep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MOREAre You Aware of Foreign Landowners’ Duties?Foreign persons who invest in property in Australia are subject to a range of obligations. It’s important to know what they are and fully understand… READ MOREAudit Quality: How It Affects Your BusinessThe Senate has voted to establish an inquiry into the regulation of auditing, the process of inspecting a business’s accounts to be sure that everything… READ MOREWhat You Need to Know about Voluntary Assisted Dying Laws in VictoriaOn the 19th of June 2019, the Voluntary Assisted Dying Act (2017) (“the Act”) came into effect, making Victoria the first state in Australia to… READ MOREThe Benefit of Implementing a Positive Workplace CultureAs employers, we strive to provide the best for our employees’ job satisfaction – this is often in part achieved through workplace initiatives such as… READ MOREWhat You Need to Consider When Guaranteeing Your Child’s LoanIn a climate where today’s younger generations are struggling to buy property, leveraging security from parents through a guarantee has become a common way to… READ MOREDon’t Be Caught Making Any Ridiculous Tax ClaimsWhile most people are in the process of lodging their tax returns during this time of the year, the Australian Taxation Office (ATO) is also… READ MOREWhy You May Not Get Away with Any Creative Accounting This Tax YearIt is not uncommon for tax payers to take advantage of our tax system and reduce the taxable income as much as legally possible. However,… READ MOREAustralia Introduced a New Super Law – Are You Up to Date?Superannuation always seems to be changing. The Treasury Law Amendment Bill 2019, a new super law, was passed last week. This will make changes to… READ MOREAre You on the Best Rate? Reserve Bank Cuts Interest Rates to 0.75%, It’s Time to Talk.The Reserve Bank of Australia has cut the official cash rate by 0.25% to a record low of 0.75%, in an effort to increase employment… READ MOREPrivate Wealth Half Yearly Market Update – August 2019 Keep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get… READ MOREWhy You Need to Make the Tough Decisions about Aged Care NowPlanning aged care for your loved ones can be quite confrontational and emotionally draining but it cannot be ignored. Lack of planning can leave you… READ MORECould Bob Hawke Have Avoided His Daughter Contesting His Will?Two months after the death of former Prime Minister Bob Hawke, there are now reports that his daughter may be preparing to take legal action… READ MOREAcquiring a Loan for Your Next Property Purchase Just Got a Little EasierKeep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MOREWhat Will the Interest Rate Cuts Mean for You?Keep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MORE2019 Year-End Tax Planning & Urgent DeadlinesMorrows takes tax planning before year-end seriously. Many of our clients are provided with detailed analysis, tax advice/strategy and tax calendars. All clients have been… READ MOREGST Withholding Legislation Gives Purchasers HeadachesThe GST withholding regime came into effect on 1 July 2018 and requires purchasers of new residential premises and potential residential land to withhold and… READ MOREAre You Ready for EOFY?The federal election has come and gone, and this has provided us with a clear picture as to what our tax laws will look like… READ MOREAre You Now Eligible for This Instant Asset Write-Off?The recent Budget proposed some significant changes for small businesses. One change that occurred the instant the budget was handed down was an increase in… READ MOREHow Do You Motivate the Modern Employee?In the modern workplace, motivating employees takes more than just words of encouragement. It now entails facilitating difficult conversations between staff members and fostering happiness… READ MORE2019 Federal Election Policy Comparison: What Will It Mean for You?The lead up to the 2019 Federal Election has brought a number of proposed policies from each of the major parties. In an effort to… READ MOREAre You Engaging in Unqualified Legal Practice?Accountants are often called upon by their clients to give tax advice. However, you could be advising beyond your expertise, which can put you and… READ MOREAre You Aware of the Changes to the Oaths and Affirmations Act (2018)?The new Oaths and Affirmations Act (2018) came into effect on 1 March 2019. This new legislation applies to those who take oaths and affirmations,… READ MOREUnderstanding Guarantees – What Do Your Clients Need to Be Wary Of?A guarantee is commonly included in a loan, a lease or commercial contract. Understanding the nuances of the agreement can be complicated, however these cannot… READ MOREMorrows 2019 Budget ReportTo assist our clients, the Morrows One Team aims to identify some key items that will be of significant interest as they will have an… READ MOREIs Your Business Ready for These Payroll and Reporting Changes?Is your business ready for the biggest change to business processes, processing payroll and reporting to the ATO since GST was introduced? As of 1… READ MOREPrivate Wealth Half Yearly Market Update – March 2019Keep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MOREAvoid the Traps of Binding Death Benefit NominationsKeep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MOREWhen Signing and Dating Documents Leads to Unintended ConsequencesAn Adelaide financial adviser has been permanently banned from providing financial services following findings that he had engaged in “dishonest conduct” by ASIC. Some of… READ MOREImportant Warning: Your PPSR Security May Have Lapsed Leaving You UnsecuredThe Personal Property Securities Register came into existence as the single, national online database of security interests in personal property in Australia on the 30th… READ MOREBeware of Fraudster Conveyancers When Buying or Selling PropertyLast year we saw a rise in the property market, but also a rise in cyber scammers who intercepted emails containing bank account details and… READ MOREMorrows Advisors Realise Alzheimer’s is the Curse of Estate PlanningLaura Harding from Morrows Legal’s estate planning team and Renato Manias from our aged care group are currently trying to rescue Larry*, a long term… READ MOREA New Year checklist to Help You Prepare for 2019Keep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MOREThe Commonly Overlooked Benefits of Estate PlanningEstate planning is an important process which involves strategically planning the distribution of one’s assets in the event of passing or an incident prohibiting one… READ MOREThe 7 steps to entering aged careKeep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MORE3 Critical Estate Planning Steps Every Person Should TakeWhat is estate planning? Estate planning isn’t the most exciting of tasks – but it is essential. Developing a strategy on how to best manage… READ MOREPrivate Wealth Half Yearly Market Update- August 2018 Keep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get… READ MOREHow Entrepreneurs Can Take Money Off The TableThe life of an entrepreneur is a busy, exciting and often challenging one. However, being a successful entrepreneur requires a great deal of financial insight,… READ MOREThe Ultimate Family Office SetupWhen changes to your family’s financial situation arise, this can have long-standing effects on the situation of your family’s wealth. These financial change can range… READ MOREQuestions You Should Ask a Financial PlannerChoosing which financial advisor can be a daunting task when you are not sure where to start, or which questions you should ask. Having some… READ MORE5 rules of Aged Care PlanningKeep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in… READ MOREATO – Taking investigations to the next levelATO – Investigations turn to social media The ATO are currently undertaking new and inventive ways to ensure you are being 100% honest when lodging… READ MOREI don’t need a Power of Attorney, I have joint bank accountsThis is one common misconception regarding powers of attorney described by clients of Morrows Legal which we are required to dispel. They are totally different… READ MOREThe ATO Crack Down on Rental Properties and Holiday HomesIf you are one of the many Australian’s who own rental properties or rent out holiday homes for a few weeks a year, then make… READ MOREThe Journey into Aged Care is a Challenging and Emotional TimeMorrows’ Golden Rules for your Golden Years READ MORESuperannuation – What’s Your Plan?Estate planning is often considered to be “just a Will”, but it actually comprises a lot more than just that one document. One aspect of… READ MORE
