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Amended Thin Capitalisation rules introduced into Parliament
Client alert Amended Thin Capitalisation rules introduced into Parliament
On 22 June 2023, the Federal Government introduced the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share – Integrity and Transparency) Bill 2023 into the House of Representatives. This Bill has been referred to the Senate Economics Legislation Committee with its Report due 31 August 2023.
Yan Wong
Daniel Kave
Michael Catterall
Avinesh Naidu
Brett Curtis
| 6 min read | 27 Jun 2023
Maximising GST refunds for retirement village operators
Client Alert Maximising GST refunds for retirement village operators
As an operator of a retirement village, you may be missing out on significant GST refunds.
Anika Reside
Anika Reside
| 2 min read | 08 Jun 2023
The ATO are reviewing FTC claims: have you claimed too much?
Client Alert The ATO are reviewing FTC claims: have you claimed too much?
Learn how to avoid penalties for overclaimed fuel tax credits during the temporary rate reduction period. Contact our specialists today.
Anika Reside
Anika Reside
| 1 min read | 07 Jun 2023
Victoria to abolish stamp duty on commercial and industrial properties
Client Alert Victoria to abolish stamp duty on commercial and industrial properties
As part of the 2023-24 State Budget, the Victorian Government has announced a number of significant changes to stamp duty, payroll tax, land tax and insurance duty.
Kristina Popova
Nick Mellos
| 6 min read | 23 May 2023
Recent employment tax updates for finance and payroll leaders
Client Alert Recent employment tax updates for finance and payroll leaders
During the FY23 financial year, our Employment solutions team highlighted key updates, issues and ATO review activity that finance and payroll leaders need to be across in a series of webinars, seminars and insights. Here we’ve summarised some of those key items which remain relevant as we approach FY24 including fringe benefits, single touch payroll, superannuation guarantee, employee vs contractor and employee share schemes.
Thomas Isbell
Elizabeth Lucas
Peter Hills
George Bendall
| 6 min read | 23 May 2023
ATO releases revised Practical Compliance Guideline on intangibles arrangements
Client Alert ATO releases revised Practical Compliance Guideline on intangibles arrangements
The ATO has released the revised Draft Practical Compliance Guideline PCG 2023/D2, outlining the compliance approach to intangibles arrangements involving international related parties, addressing the tax issues associated with restructures (“migration”) or mischaracterisation of Australian activities in connection with intangible assets.
Christine Cornish
Jason Casas
Keith To
| 4 min read | 23 May 2023
How does Single Touch Payroll Phase 2 affect salary packaging?
Client Alert How does Single Touch Payroll Phase 2 affect salary packaging?
We have heard from numerous clients that their employees are concerned about the new reporting required under Single Touch Payroll Phase 2 (STP2). In particular, the concern relates to how salary packaging arrangements might impact various means tested government levies and allowances – such as Family Assistance and Child Support Payments.
Elizabeth Lucas
Elizabeth Lucas
| 2 min read | 23 May 2023
Changes to accounting standards and other considerations for the upcoming reporting season
Client Alert Changes to accounting standards and other considerations for the upcoming reporting season
As we approach the end of FY23 what are the key areas preparers of financial statements need to consider? Preparers of financial statements will breathe a sigh of relief to know there are no major changes to accounting standards applicable for FY23, however there are some amendments to existing standards to think about ahead of year end, as well as some on the horizon where early adoption may be worth considering.
Andrew Cornes
Shona Cram
| 5 min read | 15 May 2023
Productivity Commission inquiry calls for submissions to increase Australian philanthropy
Client Alert Productivity Commission inquiry calls for submissions to increase Australian philanthropy
To support the Australian Government’s objective of doubling philanthropy by 2030, a Productivity Commission inquiry has been set up to analyse motivations for philanthropic giving in Australia and identify opportunities for future growth. Grant Thornton Australia will be making a submission centred around our observations on this matter. Our submission will include considerations on the Deductible Gift Recipient and broader tax framework, the operation of Ancillary Funds, fundraising laws and other related matters.
Bhavesh Narsey
Bhavesh Narsey
| 1 min read | 27 Apr 2023
Australia’s Anti-Money Laundering Regime Tranche 2 set to expand to Lawyers, Accountants, and Real Estate Professionals
Client alert Australia’s Anti-Money Laundering Regime Tranche 2 set to expand to Lawyers, Accountants, and Real Estate Professionals
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.
Neil Jeans
Katherine Shamai
| 1 min read | 21 Apr 2023
Improvements needed for Government changes to Thin Capitalisation regime
Client Alert Improvements needed for Government changes to Thin Capitalisation regime
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.
Michael Catterall
Yan Wong
Daniel Kave
Avinesh Naidu
Brett Curtis
| 2 min read | 17 Apr 2023
Denial of tax deductions: cross border payments for intangibles
Client alert Denial of tax deductions: cross border payments for intangibles
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.
Brett Curtis
Yan Wong
| 3 min read | 06 Apr 2023
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