Agribusiness, food & beverage Home
Bite Size Dealtracker
Food, Beverage & Agribusiness industry insights
Key insights for the Australian Food, Beverage & Agribusiness industry.
Royal Commission wrap up
Top 10 things for Financial Services providers
Eleven months on from the first round of hearings for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Commissioner Hayne’s final report has been released.
Health & aged care Home
Aged Care Royal Commission
Setting the tone for the Aged Care Royal Commission
Last week’s hearings for the Royal Commission into Aged Care Quality and Safety, introduced the leaders of some of Australia’s peak bodies, unions, consumer organisations and the Secretary to the Department, Glenys Beauchamp. In all 26 witnesses were called.
Life sciences Home
Biotechnology Industry Position survey
Australia's biotechnology industry drives economic growth
The 2019 Biotechnology Industry Position survey conducted by Ausbiotech and supported by Grant Thornton has revealed that new technologies across regenerative medicine and medicinal cannabis are disrupting the industry, and Australia's global strength in clinical trials continues to drive contributions to the economic and social fabric of the country.
Manufacturing Home
mid-sized business report
Manufacturing is critical to our economy – how can we support the sector?
Although the knock-on effects of the Australian automotive industry exiting our country are yet to be fully understood, the industry is evolving, and manufacturing continues to be a major employer and critical to our overall economy.
Not for Profit Home
NATIONAL OUTCOMES MEASUREMENT PROGRAM
A practical framework
Royal Commissions and federal budgets are critical things for Nonprofit human service providers to be thinking about at this point in time.
Real estate & construction Home
mid-sized business report
Supporting affordable housing requires planning, certainty – and tax reform
There is a lot of noise around the property sector at the moment – and it’s not all positive. Prices are down – but this shouldn’t be a surprise when some markets (namely Sydney & Melbourne) saw unprecedented hikes in recent years.
Retail & Consumer Products Home
GNC Group Consulting
The Technology Trap: Online innovation in retail
I recently attended the NRF Retail Big Show in New York, an overwhelming smorgasbord of retail technology and new store concepts.
Scaling-up for Growth
From start-up to scale-up
Navigating the complexities of growth and maintaining previous success is a challenge for all mid-size businesses.
- 2015
- Transitioning support for auto supply chain companies
- Innovation in Australia
- New FBT entertainment cap introduced
- New reporting obligations for multinational companies
- Unlocking super
- The truth behind business failure
- 2015 Distinguished Family Business of the Year
- Melbourne plan refresh: The 2050 metropolitan planning strategy
- Tax alert: GST & remote housing accommodation
- The Federal Government's Tax discussion paper released today
- New fees hurt developers’ bottom line
- Payroll Tax Rebate – Action before 23 November 2015
- New South Wales State Budget 2015-16
- Western Australian Real estate & construction update
- Victoria Real estate & construction update
- South Australia Real estate & construction update
- Queensland Real estate & construction update
- New South Wales Real estate & construction update
- State revenue offices and the ATO information sharing
- Redundant corporate entities?
- Streamlined process for new business applications
- Imported building materials under scrutiny
- Tightened lending rules threaten industry growth
- Any GST hike must be offset
- New PM appoints Minister for Cities
- Reforming Australia’s Federation and Tax System
- A message from our Global Head of Real Estate & Construction
- Adelaide CBD property outlook – Key considerations
- The deadline is looming for the Exploration Development Incentive
- Valuing Employee Share Schemes (ESS) – Impending Tax Changes
- Queensland State Budget 2015-16
- New restrictions on entertainment salary packaging
- NADA conference day three
- NADA conference day two
- Do you have the keys to NADA 2015? Day 1
- South Australian State Budget 2015-16
- 27 Pay Periods in 2015/16
- Corporate simplification and solvent liquidations
- Fringe Benefits – Hidden FBT and deemed dividend issues
- NSW Payroll Tax Rebate
- SuperStream compliance
- Should I maintain my SMSF?
- Art and collectables as alternative investments
- Tax alert: GST ruling published
- Western Australian State Budget 2015-16
- New funding opportunities for Australian food & beverage companies
- Super fund investment choice – What are the options?
- Nominating beneficiaries for your superannuation benefits
- Superannuation consolidation
- Victorian State Budget 2015/16
- Encouraging innovation in Australia’s Life Sciences and Biotechnology industries
- Fraud in focus: Fraud and corruption in Banking and Financial Services
- Tax alert: Refunds of excess GST
- New Employee Share Scheme Bill Introduced
- SuperStream employer webinars
- Staying vigilant against fraud
- Tax Alert: Are you meeting your employment tax obligations?
- Tax alert: No change to R&D tax offset rates
- Act now to be ready for FATCA
- Tax alert: Changes to Employee Share Scheme Tax Laws
The Daniel Andrews led Labor State Government handed down its first Budget yesterday, Tuesday 5 May 2015.
Victoria’s economic outlook is positive and the State has maintained its triple-A credit rating. The headline items from the Budget are:
- an operating surplus of $1.2 billion in 2015-16, growing to $1.8 billion by 2018-19
- expected economic growth of 2.5% (up from 2.25% in 2014-15)
- reduction in net debt to 4.4% of Gross State Product by June 2019
- reduction in unemployment from a forecasted 6.5% in 2014-15 to 6.25% in 2015-16
- growth in total taxation revenue by 4.1% to $19 billion in 2015-16
Major announcements
Major announcements from the Budget included:
- investment of $9 - $11 billion in the Melbourne Metro Rail Project that will include two nine-kilometre underground rail tunnels (construction to commence by 2018)
- commitment of $5 - $6 billion to remove 50 of Victoria’s most dangerous level crossings over eight years
- $574 million to relieve road congestion
- $560 million to build and rebuild hospitals in fast growing areas throughout Victoria
- investment of $2.9 billion in schools, including $688 million to deliver new schools as well as renovate and refurbish 67 schools
Social responsibility
Social responsibility measures included:
- $250 million to strengthen the child protection and family services systems
- $81.3 million to support the work of the Royal Commission into Family Violence and to strengthen response services’ capacity and capabilities
- $45.5 million to fund the Ice Action Plan to reduce the supply, demand and harm caused by ice
- $148.6 million on 400 custody officers to guard prisoners at police stations across Victoria, freeing up 400 police officers for front line police duties
State taxes
State taxes measures included:
- a 3% surcharge payable by foreign buyers of residential property in addition to stamp duty (applicable to contracts entered into on or after 1 July 2015)
- a 0.5% absentee landowner surcharge, payable by landowners who do not ordinarily reside in Australia, in addition to any other land tax payable (applicable from the 2016 land tax year)
- an exemption from stamp duty on vehicles classified as mobile plant (under 4.5 tonnes) and plant-based special purpose vehicles (over 4.5 tonnes), such as excavators, bulldozers and tractors (applicable from 1 July 2015)
Tony Windle, National Head of Indirect Tax, E tony.windle@au.gt.com T +61 7 3222 0381