Our latest insights

When it comes to M&A transactions, businesses can often be eligible for GST refunds – but how do you determine if this is the case, and how much is recoverable? In our latest Tax in M&A series, we look at a threshold test that can be applied to transactions whereby businesses only make limited financial supplies. But there is a limit to how much GST can be claimed back when the Financial Acquisitions Threshold (‘FAT’) has been exceeded.

The ATO has recently undertaken a number of Income tax, Transfer Pricing, GST and R&D reviews of Fintechs across the ‘Top 1000’ and the ‘Medium and Emerging’ markets, focusing on business models such as online lenders, neo banks, buy now pay later providers, and peer-to-peer lenders. Based on the findings, the ATO has identified a number of key risk areas.

As part of its justified trust program, the ATO seeks greater assurance that Top 100 and Top 1000 assurance taxpayers are reporting the right amount of Goods and Services Tax (GST).

There has been an ongoing debate amongst those of us who practice in stamp duty as to how duty should appropriately apply to tenant’s fixtures, particularly in the context of renewable energy projects.

Yesterday, RevenueWA issued Revenue Ruling DA26.0 (“Ruling”) which sets out its interpretation of major amendments which commenced on 13 June 2019, some 21 months ago.

In Grant Thornton’s (and the Australian Taxation Office’s) experience, financial supply providers and their associates are generally unaware of the GST implications of supplies and acquisitions between related parties.

The ATO recently amended GSTR 2004/4 Assignment of payment streams including under a typical securitisation arrangement (GSTR 2004/4) to clarify how the ATO permits GST recovery for a home loan originator.

Nearly all discretionary trusts are taken to be foreign persons in NSW.

The New South Wales Government has moved to extend rent relief measures for commercial tenancies, providing an additional land tax concession to commercial landlords who provide relief.

The Queensland Treasurer announced on Monday that he intends to “abolish” transfer duty for small businesses who wish to restructure for efficiency.

If you’ve changed the usage of your business acquisitions (purchases) or importations this financial year (or an earlier year), you may be required to make GST adjustments.

The ATO will commence new GST reviews in the Top 1000 population in August 2020. This will be in addition to the announced compliance and integrity reviews for JobKeeper that we will see over the coming months.