Our latest insights

There is a change of pace in the FY24 grants landscape, with the State and Federal Governments announcing and opening a wave of exciting new grant programs to support priority industries and businesses.

Although tech-enabled businesses are increasingly attractive for investors, many Early Stage Innovation Companies (ESICs) face stiff competition for investor capital. That’s why the Australian Government’s ESIC measures to incentivise investment in these companies are key to supporting the Federal Government’s sovereign manufacturing innovation agenda.

This week, the Australian Prudential Regulation Authority (APRA) finalised new requirements to Prudential Standard CPS 511 Remuneration, which will significantly impact authorised deposit-taking institutions (ADIs), insurers, and superannuation entities. This new standard requires APRA-regulated entities to publish details around their remuneration frameworks, design, governance, and outcomes. These changes come in an effort to create more transparency and improve risk management, in particular in the context of the poorly designed and executed remuneration frameworks exposed through the financial services Royal Commission.

Following the finalisation of the Taxation ruling TR 2023/1 on residency tests for individuals, the ATO have now issued a consultation paper on the new proposed changes relating to assessing an individual’s tax residency.

GST Error Rules Changing: BAS Correction Updates

The AAT ruling in Chobani Pty Ltd and FCT [2023] AATA 1664 highlights the increasing complexity of the classification of food for GST purposes.

APRA-regulated businesses operating in the banking, insurance, and superannuation industries will soon be faced with significant regulatory changes. APRA and the ASIC have commenced early consultation around the introduction of the Financial Accountability Regime, which aims to establish a strong accountability framework to enhance risk management and governance practices in the financial sector.

A new financial year brings superannuation changes, and with it comes opportunities to strategise how you can increase your retirement wealth. We summarised the superannuation changes that you should be aware of from 1 July 2023.

In recent years Division 7A interest rates have remained low, providing businesses with the opportunity to withdraw funds from their company and diversify their investments.

The cap on the amount of superannuation benefits that can be transferred into retirement pension phase (known as the Transfer Balance Cap) having been recently increased by indexation to $1.9m from 1 July 2023 and all Self-Managed Superannuation Funds (SMSF) with members in the retirement phase will be required to report certain events that affect their members’ Transfer Balance Accounts (TBA) on a quarterly basis from 1 July 2023.

A new financial year brings a new property tax in Victoria. The Windfall Gains Tax (WGT) came into effect on 1 July 2023, with significant implications for the Victorian real estate and construction sector. Here, we discuss the details to be mindful of when considering the WGT.

Learn about Division 129 of the GST Act and how it applies to property developers who have changed their property's intended use. Ensure you make any required GST adjustments to avoid penalties.