New GST rules – Purchaser GST withholding on sales of new residential premises

13 Nov 2017

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.

BCIPA and Subcontractors Charge Act repealed and replaced with BIF

25 Oct 2017

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.

Are you a Significant Global Entity?

24 Oct 2017

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.

Superannuation guarantee changes - salary packaging impact

23 Oct 2017

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: Is your business ready?

23 Oct 2017

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.

Junior Minerals Exploration Incentive Bill introduced to Parliament

23 Oct 2017

The Treasury Laws Amendment (Junior Minerals Exploration Incentive) Bill 2017 was introduced to the House of Representatives on Thursday 19 October 2017 to replace the former Exploration Development Incentive (EDI) with the Junior Minerals Exploration Incentive (JMEI).

Building Industry Fairness (Security of Payment) Bill 2017

25 Sep 2017

The Queensland government recently introduced the Building Industry Fairness (Security of Payment) Bill 2017 for its first reading. If passed, the Bill will: - Replace the Building and Construction Industry Payments Act 2004 (‘BCIPA’); - Replace the Subcontractors Charges Act 1974; and - Amend the Queensland Building and Construction Commission Act 1991 in relation to phoenix companies.

ATO’s GST changes for mutual banks – are the benefits mutual?

14 Sep 2017

As businesses continue to navigate the influx of Government reform, there’s also a lot of change coming from the ATO. Customer-Owned Banking Institutions – also known as mutual banks and credit unions – are the current focus.

Western Australia State Budget 2017-18

07 Sep 2017

With a strong focus on “putting South Australians first” and building on the foundations of the previous budget, Treasurer Tom Koutsantonis MP delivered South Australia’s 2017-18 State budget on 22 June 2017.

Prime Minister’s announcement to drive the next wave of discoveries

04 Sep 2017

On the back of a significant decline in Australian mineral exploration, the Australian government is hoping the JMETC will promote investment and drive economic activity. The adoption follows a similar scheme in Canada which has operated successfully for 30 years.