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Globally mobile employees selling Australian ‘main residence’ to lose Capital Gains Tax exemption under draft legislation

25 Oct 2019

The Government yesterday reintroduced draft legislation to remove the Capital Gains Tax (“CGT”) main residence exemption for foreign residents.

Changes to Duties and Land Tax tabled in NSW to impact M&A deals and discretionary trusts

23 Oct 2019

Yesterday, the NSW Government tabled the State Revenue Legislation Further Amendment Bill 2019 which proposes material changes to the Duties and Land Tax regimes in NSW.

NSW Government crackdown on land tax

17 Oct 2019

We have seen many examples of taxpayers incorrectly claiming exemptions or unaware that their innocuous discretionary trust or testamentary trust is a “foreign person”. Land tax exemptions are based on self-assessment and many people and companies will believe they have self-assessed appropriately, but the exemptions can be complex and confusing, and they may not technically qualify.

Accounting and Taxation Treatment of Software Development Expenditure

26 Sep 2019

Are you developing software to generate income from customers using mechanisms such as license fees, rental payments, once-off payments or subscriptions?

Superannuation amnesty is ‘back on’

19 Sep 2019

The Government has reintroduced draft legislation to create an amnesty for superannuation shortfall disclosures.

Limiting tax deductions for vacant land

11 Sep 2019

The new rules will apply to individuals, trusts (which are not widely held) and to self-managed super funds (SMSF’s).

GST and healthy food: more food for thought required

22 Aug 2019

The GST treatment of food products has made the headlines over the last few months. Most notably the above front page of The Age earlier this year.

CountPlus announces acquisition of Count Financial Limited

07 Aug 2019

Congratulations to CountPlus on reaching shareholder approval of their acquisition deal for Count Financial.

Proposed ATO powers to crack down on Companies, Directors and illegal phoenixing

22 Jul 2019

On 4 July 2019 the Federal Government introduced the Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 into the House of Representatives. The Bill seeks to implement measures to combat phoenixing.

Another milestone for Lamb Weston Holdings Inc.

08 Jul 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 potato processor Ready Meals.