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Deductible Gift Recipients and the new Government reform agenda

06 Dec 2017

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

22 Nov 2017

The Qld Building Industry Fairness (Security of Payment) Act (“BIF”) was recently passed by the Qld government and has now received royal ascent.

Super Success - Relief for up to 85% of SMSFs

14 Nov 2017

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.

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

12 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BCIPA and Subcontractors Charge Act repealed and replaced with BIF

24 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

22 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?

22 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.

A Safe Harbour, but for who?

26 Sep 2017

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?

Building Industry Fairness (Security of Payment) Bill 2017

24 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.