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Western Australia State Budget 2019-20

09 May 2019

Treasurer Ben Wyatt delivered the Western Australian State Budget on 9 May 2019. This Budget promotes jobs growth and encourages investment in key sectors of the economy.

Northern Territory Budget 2019-20

08 May 2019

Treasurer Nicole Manison handed down the Northern Territory Budget on 7 May 2019. This Budget maintains already announced revenue policies while introducing some minor changes to concessions for first home buyers.

Proposed revisions to APS 220 Credit Risk Management

01 May 2019

On 25 March 2019, APRA proposed updating its prudential standard on credit risk with an update to APS 220 Credit Risk Management to capture the full credit life cycle.

Back to the Future for QBCC Minimum Financial Requirements

15 Apr 2019

From 1 January 2019, Queensland’s building industry participants are again required to lodge their annual audited accounts with the Queensland Building and Construction Commission (QBCC), demonstrating compliance with the QBCC’s Minimum Financial Requirements in order to maintain their building licence.

The Administrative Appeals Tribunal (“AAT”) hands down decision on fuel tax credits (“FTC”)

12 Mar 2019

On 22 February 2019, Deputy President Justice J Jagot, in the Administrative Appeals Tribunal (“AAT”) handed down her decision on whether businesses can claim fuel tax credits (“FTC”) at the maximum rate of entitlement for fuel used while travelling on toll roads, in Linfox Australia Pty Ltd and Commissioner of Taxation (Taxation) [2019] AATA 222 (the “Toll Roads Case”).

The ATO has released its draft risk assessment framework for inbound distributors

11 Feb 2019

The ATO has recently released its draft risk assessment framework for inbound distributors, Practical Compliance Guideline (PCG or the Guidelines) 2018/D8.

Change in fuel tax credits from 4 February 2019

01 Feb 2019

The ATO has announced a change in the fuel tax credits (“FTC”) rate from 4 February 2019. This FTC rate change is reflective of the bi-annual indexation of rates which are made in line with the consumer price index (“CPI”).

The ATO recently released a draft GST determination targeting credit card providers

28 Jan 2019

The ATO recently released a draft GST determination targeting credit card providers that seeks to alter some key principles of how the ATO permits GST recovery.

The Department of Home Affairs announces data exchange program with ATO

18 Jan 2019

The Department of Home Affairs have released a gazette notice announcing a broad data exchange programme between themselves and the Australian Taxation Office.

Grant Thornton is pleased to congratulate the shareholders of Lamb Weston Holdings Inc. (Lamb Weston)

11 Jan 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 frozen potato processor MARVEL PACKERS PTY LTD.