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Proposed ATO powers to crack down on Companies, Directors and illegal phoenixing

22 Jul 2019

On 4 July 2019 the Federal Government introduced the Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 into the House of Representatives. The Bill seeks to implement measures to combat phoenixing.

Another milestone for Lamb Weston Holdings Inc.

08 Jul 2019

Grant Thornton is pleased to congratulate the shareholders of Lamb Weston Holdings Inc. (“Lamb Weston”), a leading Idaho based American food processing company, on their acquisition of the Australian based potato processor Ready Meals.

GST Update: GSTR 2019/D1 Creditable purpose of acquisitions in relation to transaction accounts

08 Jul 2019

The ATO has recently released GSTR 2019/D1 Goods and services tax: determining the creditable purpose of acquisitions in relation to transaction accounts (“GSTR 2019/D1” or “Draft Ruling”) with comments on the Draft Ruling due by August 9 2019.

Prudential review findings

01 Jul 2019

Recognising the changing environment in which the superannuation industry operates, and the need for RSE licensees to have a stronger focus on member outcomes, APRA formally commenced Prudential review in early 2018 with the expectation that it would demonstrate progress by the industry in many areas, but would also highlight areas where further enhancement in industry practices was needed.

South Australian State Budget 2019-20

20 Jun 2019

The Honourable Treasurer Rob Lucas delivered South Australia’s State Budget on Tuesday 18 June 2019. Likened to a person wearing overalls and a high-vis vest, this Budget invests heavily in infrastructure while also proposing significant changes to the current land tax regime.

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.