Dear clients and friends
Please find below the August edition of Morrows Insight. In this issue we update you on the proposed super changes as well as look at a common misconception regarding Powers of Attorney.
The ATO is also cracking down on SMSF tax scams, find out what you need to look out for and you can now also register for the ATO’s Business Portal which provides easy and convenient access to information and allows you to conduct transactions with the ATO in a secure, online environment. We hope you enjoy the read!
” I don’t need a Power of Attorney, I have joint bank accounts”
This is one common misconception that we hear often from our clients – they are totally different things. A Power of Attorney is just as crucial to have in place as your Will, find out why you need one today – click here
We had a Great Turnout for our Recent Xero Event
We held our Xero event last month “What is the Cloud and how does it work?” This resulted in great feedback from our clients with many wanting to learn more about digital dashboards and how they can help business improvement. Recently Xero was also voted top-choice accounting software in 2016. Make the change to Xero today! – click here
ATO Cracks down on SMSF Tax Scams
The ATO has identified a significant number of retirement planning schemes that were designed solely to help people avoid paying tax, rather than minimise tax and is working to close them down – click here
Proposed Superannuation Changes – Update
The following outlines the Budget proposals, but as of writing, they are not law and are subject to change as part of the Parliamentary process.
We are closely monitoring the progress of this legislation and developing strategies subject to the outcome. We will be in touch with you to offer further advice and guidance on how these changes will affect your retirement incomes – click here
Activate your ATO Business Portal
As the ATO moves to become more digitalised, businesses can now access the ATO’s Business Portal. The Business Portal is a secure website where you can manage your business tax affairs. Click to get started – click here