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New South Wales State Budget 2019-20

19 Jun 2019

Treasurer Dominic Perrottet delivered New South Wales’ 2019-2020 State Budget on Tuesday 18th June 2019. This Budget maintains the Government’s commitments, with a record $93b afforded to infrastructure, $18.5b for education and $26.7b for health. This is complemented by a decline in revenue from stamp duty – a reduction of $10.6b – in response to a slowing housing market, and another $2.3b gone from GST as consumers spend less.

Queensland State Budget 2019-20

12 Jun 2019

Treasurer Hon Jackie Trad MP handed down the Queensland State Budget on 11 June 2019. This Budget has a strong focus on job creation and supporting regional employers and small to medium businesses.

GST and changes to the intended use of residential property

03 Jun 2019

Are you a property developer who has built new residential property to sell, but instead have had to lease them due to market conditions?

ACC achieves registration as a higher education provider

03 Jun 2019

Grant Thornton is pleased to congratulate Australian Chiropractic College (ACC) on achieving registration as a higher education provider to deliver a Bachelor of Chiropractic, becoming the only non-university chiropractic college registered for higher education delivery in Australia.

Financial reporting thresholds doubled for ‘large’ proprietary companies

29 May 2019

Financial reporting thresholds for ‘large’ proprietary companies have been doubled following a recent Australian legislative change which is effective for financial years commencing on or after 1 July 2019.

Victorian State Budget 2019-20

28 May 2019

The Treasurer Tim Pallas delivered Victoria’s 2019-2020 State Budget on Monday 27 May 2019. The Budget aims on delivering in all key sectors to meet the state’s growing needs (including better healthcare and education systems, as well as a more reliable road and rail transport system).

Tasmanian State Budget 2019-20

24 May 2019

The Honourable Peter Gutwein delivered Tasmania’s 2019-2020 State Budget on Thursday 23 May 2019. This Budget will maintain the growth momentum across the health, education and infrastructure industries.

Important changes to the ALDT

14 May 2019

On 5 April 2019, the ATO released Draft Taxation Ruling, TR 2019/D2 to clarify how entities should utilise the ALDT (“the ALDT Draft Ruling”). This ruling applies retrospectively.

Foreign incorporated companies relocating central management and control

13 May 2019

Practical Compliance Guide (PCG) 2018/9 provides a transition period for foreign incorporated companies to change their governance arrangements so that they do not become Australian residents solely because their central management and control (CM&C) is located in Australia.

Northern Territory Property Activation Levy

13 May 2019

As set out in last week’s update, the Northern Territory State Budget provided for the implementation of a new “Property Activation Levy” (previously announced as the Vacant and Derelict Property Levy). The Property Activation Bill 2019 (NT) (“Bill”) was tabled in the Legislative Assembly on 9 May 2019.