Marsden Stantons

Inside this month, the myGov tax scams and how to avoid them. We've had a lot of requests asking for this article from member firms trying to keep their clients out of strife!
please click on the link below for more information:
https://www.marsdenstantons.com.au/2024/09/your-knowledge-september-2024/
From the Marsdens Team

Inside this month, when is a gift really a gift and what happens if the ATO takes a different view, Divorce and your business, as well as the changes in how tax practitioners work with clients.
for more information please click o the link below:
https://www.marsdenstantons.com.au/2024/08/your-knowledge-august-2024/

Happy New Financial Year,

Inside this month, what’s ahead for 2024-25.

Another year of volatility or a return to stability? Plus, is your family home really tax free?

please click on the link below for more information:
https://www.marsdenstantons.com.au/2024/07/your-knowledge-july-2024/

From the Marsdens Team

Marsden Stantons Newsletter - https://mailchi.mp/2ea4e4480925/marsden-stantons-newsletter-5689548

Inside this month, we've delivered an essential 30 June guide outlining the areas at risk of increased ATO scrutiny and the opportunities to maximise deductions.
for more information please click on the link below:
https://www.marsdenstantons.com.au/category/freshnews/

Budget 2024-25 is a pre-election budget for the people with everyone getting a little something to ease cost of living pressures. Like the Price is Right gameshow, it will all come down to the price paid at the checkout.

For business, there is the extension of the $20k instant asset write-off again. The Government has also gone all in with its Future Made in Australia initiative part of which is to create Australia as a renewable energy superpower.

Key measures include:
• Previously announced Stage 3 tax cuts
• $300 energy bill relief for all Australian households and $325 for eligible small businesses - applied as an automatic quarterly credit.
• Student HELP debts will be cut by changing the way indexation is calculated. From 1 June 2023, it will be the lower of the CPI or the Wage Price Index (WPI), reducing the debt accumulated by more than 3 million Australians when the CPI spiked to 7.1%.
• Increase to the Commonwealth rent assistance maximum rates by 10% from 20 September 2024.
• One year freeze on the maximum Pharmaceutical Benefits Scheme (PBS) patient co-payment for Medicare card holders and a five-year freeze for pensioners and other concession cardholders.
• Extension of the $20k instant asset write-off until 30 June 2025.
• For foreign residents, the capital gains tax (CGT) regime will be amended to broaden the type of assets subject to CGT and introduce a modified 365-day principal asset testing period.
For More information please click on the link below:
https://www.marsdenstantons.com.au/2024/05/the-price-is-right-budget-2024-2025/
Happy reading!

Inside this month, the ATO's 'company money' crackdown, should you be the 'bank of Mum & Dad', and do your kids really want to take over your business?
Please click on the link below for more information:
https://www.marsdenstantons.com.au/category/freshnews/
From The Marsdens Team

Inside this month, the warning on 'sloppy' SMSF asset valuations, the ATO's assault on professional services, and the review of non-compete clauses and worker restraints.
From the Marsdens Team

Inside this month, the FBT traps including electric vehicles, the ATO's debt 'on-hold' dilemma, how to take advantage of the 1 July super cap increase, and getting back what you put in - loans to get a business started!

Enjoy the read

From the Marsdens Team

Inside this month, we cover SMSFs and property development, and a recent property case where the evidence didn't match the taxpayers claim.

In regards to tax deadlines, the deadlines to lodge 2023 tax returns is fast approaching, please contact us if you still need to lodge.
As we approach 30th June it is time to make a tax plan for the next financial year please contact us if you would like advise.
Please click below:
https://www.marsdenstantons.com.au/2024/02/your-knowledge-february-2024/