Our latest insights

Explore the impact of the latest ATO Draft Taxation Ruling on software and IP payments. Learn how overseas providers and taxpayers may be affected by changes in the ‘royalty’ definition, transfer pricing, and withholding tax rates. Understand the Commissioner's perspectives on royalties, copyright definitions, and tax treaty applications. For personalised guidance on adapting to these changes, connect with the Grant Thornton tax team.

GST and property: AAT's key ruling in Lance vs Taxation [2024] AATA 11.

Driven by consumer demand, Australia's food and beverage manufacturing sector has seen a rise in health-focused businesses. Despite market growth, challenges like supply disruptions persist, leading to notable insolvencies in 2023. We've observed a notable increase in interest from over 100 potential acquirers for brands aligned with healthier products. But timing is critical for struggling businesses – early intervention and strategic planning are key.

Family Businesses prioritise sustainability policies and actions that benefit their business and community, even before regulation around Environmental, Social and Governance (ESG) initiatives were mandated. This genuine drive allows family and mid-sized businesses to act authentically while integrating corporate terminology to create a competitive advantage.

Payroll issue rectification is the process of fixing the root causes of the underpayments and implementing changes to prevent future errors or non-compliance.

What’s new for December 2023

Accounting standards issued but not yet effective for 31 December 2023

On 12 January 2024, Treasury released draft legislation on mandatory climate-related financial disclosures in Australia. Subject to the legislation being enacted by Parliament and receiving Royal Assent by the end of June 2024, the legislation will be in force for financial years commencing on or after 1 July 2024.

AASB 2021-2 and AASB 2021-6 apply prospectively to annual reporting periods beginning on or after 1 January 2023.

ESG has become a vital component to business, with increasing scrutiny on companies to achieve sustainability-related goals. By being aware of the increasing number of governance rules, you can put your business in a strong position to demonstrate your overarching ESG strategy. Join us as we examine how to add value to your ESG agenda through the latest global tax and ESG developments.

The 2022 floods across the east coast have had a catastrophic impact on businesses, many of which are still suffering the lingering effects of the COVID-19 pandemic.

Cash management is the most critical issue for businesses right now.