MORROWS NEWS – FOOTY COLOURS DAY
Footy Fever well and truly hit Morrows on the Thursday before the AFL Grand Final, with staff and invited clients celebrating the AFL Grand Final. Guest’s were encouraged to come clad in their favourite teams colours and enjoy some entertainment.
We had some amazing presenters, including Gareth Andrews from Life Again, Gareth played for Geelong and was a Richmond Premiership player and now runs the organisation Life Again which offers support for Mental Health issues. We were also fortunate to host the hilarious comedy stylings of Tom Siegert ‘The Suburban Footballer’, followed by Football’s cult songmeister Greg Champion.
It was a pleasure for us to be associated with the Life Again Foundation and to raise funds for the cause. Life Again was created by Gareth Andrews to encourage men to talk about their issues, in particular at times when their lives may feel empty and lacking direction. This is often felt around retirement from work or profession and can develop into severe mental illness. Gareth, a Morrows client, had a wonderful VFL/AFL career playing with Geelong and Richmond resulting in a premiership at the Tigers. Already a life member at Geelong Football club, Gareth also received a life membership from Richmond Football Club at the premiership function the night before the event.
Some of the Morrows Team
Guests and Morrows Team
Alistair with Auctioneer – Mitzy Gray
Anthony interviews Gareth Andrews
MORROWS CONGRATULATES ALISTAIR HAMBLIN
We congratulate our own Alistair Hamblin. Alistair has long been affiliated with the Geelong Football Club, serving on the Board for 12 years. Alistair recently retired from his directorship, but his service and dedication did not go unnoticed.
We congratulate Alistair on his induction as a Life Member with the Geelong Football Club.
Life membership can only be awarded at the discretion of the Board and must reflect an individual who has rendered outstanding service to the Club. This prestigious award is generally only given to past players however, given Alistair’s outstanding service, he now joins Geelong’s elite.
The Medallion Alistair with Geelong Cats President – Colin Carter
AIRBNB – WHERE DOES THE TAX MAN STAND?
Written by Lauren Gerassimou – Senior Tax & Business Advisor
It is no secret that Airbnb has become increasingly popular over the past few years.
For home owners, this has meant that it is now relatively simple to rent out a spare room in your main residence to increase household income. But what are the tax consequences of doing this both short and long term?
For starters, any income earned needs to be declared as income in your personal tax return. A proportion of property ownership costs (based on the percentage of the area of the home that is available for rent) such as mortgage interest, council rates, energy costs etc along with depreciation on fixtures and fittings in the rented room can be claimed as a deduction against the income earned. Overall, the deductions may substantially reduce the income declared so in the short term renting out your spare room on Airbnb may result in a short-term benefit. However it is important to also consider the longer term tax consequences.
In the longer term, Capital Gains Tax (CGT) may apply when the property is sold. As your main residence has now been used for an income producing purpose, the main residence exemption for CGT purposes does not apply to the portion of the home that has been rented. The 50% general discount will apply to reduce the capital gain, however the amount subject to CGT could still be significant where prices have sky-rocketed over the past few years.
It is also important to be aware that the ATO is keen to tax Airbnb income and are conducting data matching activities. The ATO will not accept an attitude of “I didn’t know” when it comes to declaring Airbnb rental income and Capital Gains and will issue fines and penalties to those who do not comply.
Speak to our Tax Team for further information.
SECURITY ALERT – ASIC AND ATO CORRESPONDENCE
We have recently seen an influx in the quantity and quality of fraudulent emails currently circulating.
The quality of these emails is vastly improving, with even the most ‘trained’ of eye uncertain of the authenticity. The most recent was an ASIC Business Name renewal email requesting payment for the renewal of a Business Name. The email in question provided the official ASIC Logo, along with a link to arrange payment. These kind of emails could catch even the savviest of people.
Here, we offer three quick tips to identify a potentially fraudulent email:
- Check the Sender’s Email Address
You can’t fake an email address. This is the first step in establishing authenticity. Most government agency emails will end in .gov or .org. A lot of the fraudulent emails will most often end in .biz or other non-descript email addresses.
- Check for Non-Personalisation
Legitimate correspondence will generally state personal information to you. For example, a Business Name Renewal Notice will state the Business Name or other personalised information. Most fraudulent emails will only state general information or require you to click a link for more information
- Trust Your Judgement
Trust your gut. If an email is asking for Credit Card details or to click a suspicious link, always confirm with the sender prior to opening. The team at Morrows are more than willing to help clarify authenticity when it comes to ATO and ASIC emails, often a quick phone call will clear up any doubt.
SHAREFILE – PROTECTING YOUR INFORMATION
Written by Daniela Mure – Client Service Coordinator
Be aware of what you share and protect your information
Engaging online and being able to easily share and access data makes our lives easier.
However, we all need to be mindful and protect our personal and business information from the risk of fraud and identity theft. With this in mind, we began using a “Secure” platform to share data and documents some time ago. This is now being extended to cover all clients and all sensitive documents shared.
We want to facilitate the sharing of confidential documents without sending them via email which is not a secure platform.
Morrows Group has chosen a high security and globally used business service data storage, Citrix ShareFile.
ShareFile is operated by Citrix – a well-respected and reliable provider of online data sharing and access solutions. Its purpose is to enable optimal productivity for today’s highly mobile, anywhere, any-device client base and workforce.
In due course, all clients of Morrows will have access to their own personal ShareFile. Further information and instructions will be provided to you.
If you would like the user guide or any further information, please speak to Daniela Mure, your Client Service Coordinator or your key contact at Morrows.