This month, ‘Safe Harbour’ legislation was passed offering protection to directors from insolvent trading exposure. Is this the big reform Australia that will encourage entrepreneurship and provide a platform to protect (or “harbour”) business value?
Grant Thornton is pleased to congratulate the shareholders of Eptec, a leading specialist provider of corrosion solutions to the infrastructure and marine sectors on their sale to the Management Team backed by Alceon Private Equity.
On Tuesday night, the Government announced its planned reform of the deductable gift recipient status. This will be seen as good news for many in the NFP industry as it will essentially help streamline the process in which you access donations – but there’s more to be clarified.
The Qld Building Industry Fairness (Security of Payment) Act (“BIF”) was recently passed by the Qld government and has now received royal ascent.
The ATO has announced 85% of SMSF Trustees are no longer required to undertake the burden of additional reporting required from 1 July 2017 in "real time", allowing access to annual reporting.
Under the current GST law, GST is included in the purchase price of new residential premises and new potential residential land) and the supplier/developer remits that GST to the ATO in their Business Activity Statement for the tax period in which the supply occurs.
In our second instalment exploring the potential impact of the Qld Building Industry Fairness (Security of Payment )Bill, we look at reforms to BCIPA and the Qld Subcontractors Charge Act.
Given the focus, of the Australian Government on SGEs, will continue into the future, Grant Thornton Australia Limited has employed a centralised approach to our initial communications with SGEs.
Most employers that offer salary packaging, currently pay superannuation on the “pre-packaged” salary amount, ie. prior to the deductions for salary packaged items. This treatment, therefore, means that compulsory superannuation is based on an amount inclusive of salary packaged superannuation, so for these employers, the changes will have no impact.
Single Touch Payroll (STP) is a reporting framework whereby employers will automatically provide to the ATO payroll and superannuation information as and when employees are paid.
