Our latest insights

One of the most discussed elements of the Turnbull government’s tax agenda is its proposal to reduce the corporate tax rate for businesses with an annual turnover of more than $10 million. If implemented, the proposal would see the corporate tax rate drop from 30% to 25% over a 10-year period.

Based on announcements prior to Tuesday’s federal budget, Australia’s improved economic fortunes and more rigorous tax compliance and enforcement activities are providing more revenue.

Many countries have the challenge of delivering sustainable tax revenues amid ongoing globalisation, technological change and disruption, rising energy costs and ageing populations. These influences won’t dissipate, but a review of recent history in the context of rumoured tax cuts in Tuesday’s federal budget reveals a substantial turnaround in Australia’s fortunes.

Whether the motivation is global competiveness, business strength, or individual prosperity, we know the wish list for the 2018 Federal Budget announcement looks different depending on which way you look at it.

The first round of public hearings for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was held from 13-23 March.

Key insights for the Australian Food, Beverage & Agribusiness industry.

On Wednesday February 7th the Productivity Commission released its draft report into Competition in the Australian Financial System. The report, commissioned by Federal Treasurer, Scott Morrison, highlighted a number of areas in which the Commission believes that banking competition could be improved to benefit consumers and the wider economy.

The year-long inquiry into the Banking and Financial Services sector began on 12 February with the first hearing of The Royal Commission, and the second set for 13-23 March. The Financial Services team at Grant Thornton has been researching all the available information, listening to the hearings and most importantly, speaking with our clients.

As part of the three-year plan for the implementation of prudential policies following the completion of the transition from PHIAC to APRA, APRA announced in February 2018 a package of proposed measures designed to improve resilience and governance in the private health insurance sector.

In February 2018, new Privacy Laws will come into place introducing mandatory data breach notifications to inform when a data breach has occurred.

The entry of Amazon in Australia in 2017 has provided strong impetus for traditional retailers to invest in their online supply chain capability.

Trustees of discretionary trusts could be contravening the Foreign Investment Review Board’s (FIRB) rules when purchasing Australian property.