- Key learnings from recent GST court decisions
- APRA proposes revisions to reporting under ARS 210
- Government reviewing research and development tax incentives in construction
- High Court decision highlights the importance of a diligent review of land tax assessments
- New South Wales update
- Western Australia Update
- Queensland update
- South Australia update
- Victorian first home owner grant, duty and tax changes announced
- Government abolishing 457 Visas
- Fraud and corruption in the Victorian Public Sector
- PPSA - Ensuring our clients' assets' are protected and secured
- Recent Superannuation Changes
- It's FBT time again
- APRA revises residential mortgage requirements for responsible lending
- Home care services: What haven't you thought of?
- The ATO announces FTC rate increase, effective 1 February 2017
- A message from our Global Head of Real Estate and Construction
- Victorian State Budget 2017-18
- Time to take advantage of the payments regulation changes coming into effect
- Special alert: Grant Thornton World scam
- $320 million in new Commonwealth funding announced
- Queensland State Budget 2017-18
- Increase to penalty rates for multinationals failing to lodge ATO documents on time
- Diverted profits tax has increased the tax challenges for multinational companies
- New South Wales State Budget 2017-18
- Multinational anti-avoidance legislation
- Significant impact of CbC reporting obligations for multinational companies
- Do you have an Employee Share Scheme reporting obligation?
- GST changes to the Low Value Goods threshold
- South Australia State Budget 2017-18
- Western Australia State Budget 2017-18
- Do your employees travel a lot, live away from home or have they relocated?
- GST and digital currency update
- Tax reduction opportunities for small business
- Change in fuel tax credits from 1 July 2017
- 2017 amendments to the PPS Lease Law
- Change in fuel tax credits rate from 1 August 2017
- Prime Minister’s announcement to drive the next wave of discoveries
- ATO’s GST changes for mutual banks – are the benefits mutual?
- Widening the Sandini lens
- Building Industry Fairness (Security of Payment) Bill 2017
- Superannuation guarantee changes - salary packaging impact
- Single Touch Payroll: Is your business ready?
- Are you a Significant Global Entity?
- A Safe Harbour, but for who?
- BCIPA and Subcontractors Charge Act repealed and replaced with BIF
- New GST rules – Purchaser GST withholding on sales of new residential premises
- Super Success - Relief for up to 85% of SMSFs
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.
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.
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.
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.
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 (STP) is a reporting framework whereby employers will automatically provide to the ATO payroll and superannuation information as and when employees are paid.
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?
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.
The recent Federal Court of Australia decision in Sandini Pty Ltd & Ors v Federal Commissioner of Taxation & Ors  FCA 287 may have a significant impact on the application of the CGT rollover on relationship breakdown and, as a result, on the approach in family law cases to resolving such matters.
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.