Our latest insights

On 7 June 2023, the ATO released the finalised Taxation Ruling TR 2023/1 on residency tests for individuals.

As part of the recently introduced Treasury Laws Amendment (Making Multinationals Pay Their Fair Share – Integrity and Transparency) Bill 2023 in Australian Parliament, the Federal Government has released an Exposure Draft dealing with Multinational tax transparency.

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.

As an operator of a retirement village, you may be missing out on significant GST refunds.

Learn how to avoid penalties for overclaimed fuel tax credits during the temporary rate reduction period. Contact our specialists today.

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.

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.

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.

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.

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.

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.

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.