Our latest insights

The ATO issued a media release on 1 March 2021 stating more than 60,000 businesses have yet to comply with lodgement requirements under the Taxable Payments reporting system (TPRS) for the 2019/2020 tax year.

The ATO has published the long awaited draft revision of the Practical Compliance Guideline PCG 2021/D2 for the allocation of profits by professional firms.

The Modern Slavery Act reporting deadline has been extended to 31 March 2021.

“Digital Transformation” is a common refrain amongst retailers grappling to respond to the explosion in online shopping brought on by the pandemic. Shrewd retailers understand this means far more than throwing money at a fancy website.

The Royal Commission into Aged Care Quality and Safety (RCACQS) hands down its report on Friday (26 February 2021).

In Grant Thornton’s (and the Australian Taxation Office’s) experience, financial supply providers and their associates are generally unaware of the GST implications of supplies and acquisitions between related parties.

With all that had been going on as 2020 closed out, it would have been easy to miss the introduction of a new reporting obligation placed on certain entities from 2021 forward.

In this podcast, Grant Thornton Risk Consulting partner Katherine Shamai discusses what it means to be a good corporate citizen, how COVID has moved the conversation along, and the long term risks to brand and stakeholders of getting it wrong.

Following the recent Parliamentary Inquiry into class actions and public debate around regulatory settings during COVID-19, Treasurer Josh Frydenberg has announced his intention to legislate permanent reform to continuous disclosure laws.

According to National Head of Retail & Consumer Products, Luke Ritchie, The explosion in online retail has been underlined by pureplay online businesses acquiring failing bricks-and-mortar retailers at bargain basement prices, only to relaunch them as online only operations.

M&A took a massive hit in 2020, with the majority of transactions put on hold in the February-March 2020 period in response to COVID.

Good news for everyone looking to grow their superannuation balance. The ATO has announced that from 1 July 2021 the transfer balance cap (TBC) will be indexed from $1.6m to $1.7m.