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

13 Feb 2018

Under current law, GST is included in the purchase price of new residential premises and new potential residential (vacant) land, with the supplier/developer required to remit that GST to the ATO in their Business Activity Statement for the tax period in which the supply occurs - usually on settlement.

Assessing the risk: allocation of profits within professional firms

28 Jan 2018

You may recall in 2014 that the ATO issued guidelines (which were finalised in 2015) providing safe harbour benchmarks (30% effective tax rate, 50% individual share of income or benchmark comparable senior employee remuneration) for acceptable profit sharing arrangements involving Individual Professional Practitioners and legally effective practice entities.

Are you considering selling your home?

24 Jan 2018

From 1 July 2018, individuals 65 or over will be able to make an additional contribution to their superannuation of up to $300,000 from the proceeds of selling their home.

New Victorian Government funding opportunity for businesses announced

22 Jan 2018

We wanted to highlight an exciting new Victorian Government funding opportunity that has just been announced for which you may be eligible.

Grant Thornton advises on the successful sale of Kinetic

16 Jan 2018

Grant Thornton is pleased to congratulate the shareholders of Kinetic Information Systems, a leading specialist provider of IT software and consulting to the Community Housing sector, on their sale to Castleton Technology plc

Grant Thornton advises on the successful sale of Eptec

21 Dec 2017

Grant Thornton is pleased to congratulate the shareholders of Eptec, a leading specialist provider of corrosion solutions to the infrastructure and marine sectors on their sale to the Management Team backed by Alceon Private Equity.

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

23 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

15 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

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.