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The ATO issued a Practical Compliance Guideline (PCG 2016/18) on 18 November 2016, addressing the GST treatment of countertrade transactions, more commonly known as Barter transactions.

A conversation with Mr Peng Hong Wong, Executive Director of Victorian Investments & Properties Pty Ltd (VIP), developer of Melbourne’s fastest selling new development: Woodlea.

Those looking to apply an outputs-based method to recover input tax credits will have kept a keen eye on the outcome of RSPG v Commissioner of Taxation [2016] AATA 687 concerning the recovery of input tax credits from the construction of a retirement village.

For years, the report that comes from the company’s audit firm has been criticized as providing very little useful information for investors. Investors have been calling on the audit report to be enhanced from its pass/fail approach for some time. They have requested that the key areas identified in the course of the audit be explained and conclusions drawn on how the auditors were able to gain comfort.

When purchasing real property after 1 July 2016, it is presumed that the vendor is a non-resident and the purchaser will be obliged to withhold 10% of the proceeds, register for withholding tax (WHT) and pay it to the Australian Taxation Office (ATO) unless a clearance certificate has been obtained prior to settlement.

The average length of financial statements has been growing for many years, as a result of new Standards and Amendments published by the IASB. In the coming years, new Standards on revenue, financial instruments and leasing will add even more disclosures.

The IFRS Viewpoint series provides insights from Grant Thornton's global IFRS team on applying IFRSs in challenging situations. Each edition focuses on an area where Standards have proved difficult to apply or lack guidance.

Recent budget announcements will see residential care providers struggle to remain viable. While there was some good news with the announcement of 1,286 new places and increased viability supplements for rural and remote providers, this will mean little to the large number of providers already operating on slender margins.

The new social security agreement between Australia and India (the Agreement) came into effect on 1 January 2016.

For Australian mid-size businesses, among their most important and valuable assets are intangible assets. Broadly speaking, depreciation of these assets allows for some of the cost of acquisition and use to be recouped over the life of the assets in the form of tax deductions.

A GST ruling decision highlights the responsibilities of property management businesses and agents in accounting for GST liabilities and/or claiming input tax credits on behalf of property owners.

A summary of the latest on fringe benefits tax covering credit card loyalty programs, FBT end-of-year considerations, and new entertainment caps for Not-For-Profits from 1 April 2016.