Our latest insights

Australia has commenced its implementation of Tranche 2 Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) reforms, presenting an opportunity to shape the scope and nature of obligations for your industry.

Improvements are needed for Government changes to Thin Capitalisation regime’s Exposure Draft (ED) legislation which will apply mainly to multinationals with high interest deductions for income years commencing on or after 1 July 2023. Grant Thornton have identified a number of areas of interest in submissions to Government which reflect our analysis and include the views of our affected clients and their bankers and lawyers.

When it comes to family governance, we often recommend introducing a formal family governance structure while the second generation is being transitioned into the business.

Biotechnology organisations often grapple with three key trends – where the next round of funding will come from, how to attract specialised talent to support vital innovation, and how to tackle manufacturing and scale up. They seek stability and certainty in funding to ensure projects are supported and reach their full potential. How can the upcoming Federal Budget announcement better support this sector?

CPS 230 requires regulated entities to consider service disruption from a different perspective. Working backwards through a scenario, entities must identify the harm that a disruption may cause to its customers or the broader financial system, then take active measures to prevent it (operational risk) and recover from it (operational resilience).

The Government has released anti-avoidance measures, which from 1 July 2023 will deny tax deductions to Australian Significant Global Entities (SGEs) in respect of payments for intangible assets to related party offshore group entities in low tax jurisdictions.

The ATO has recently released guidance to assist in determining the application of the FBT exemption for EVs. There is some helpful clarification provided, but a few other areas remain ambiguous. Here are some of the highlights.

The ATO has amended PCG 2018/9 to extend the corporate tax residency transitional period until 30 June 2023 to allow taxpayers to change their governance arrangements with respect to central management and control of foreign incorporated subsidiaries. The ATO has stated that the transitional period will not be extended again.

We’ve made it to the other side of COVID-19, but what does this mean for businesses feeling significant headwind on the horizon post-pandemic?

On 16 March 2023 the Federal Government released its Exposure Draft (ED) legislation, which was first announced as part of its October 2022 Federal Budget Thin Capitalisation measures.

The Security of Critical Infrastructure Risk Management Program Rules (CIRMP) commenced on 17 February 2023 and was signed off by The Minister for Home Affairs the Hon Clare O’Neil MP (the Minister). This marks the beginning of the six-month transition period for responsible entities to adopt a written CIRMP.

This article is the second in a series where we discuss the stages of a payroll remediation project.