Our latest insights

The ATO recently issued a set of three publications outlining the tax deductibility and fringe benefits tax (FBT) consequences of transport, accommodation and travel-related food and drink expenditure.

The ATO issued a media release on 1 March 2021 stating more than 60,000 businesses have yet to comply with lodgement requirements under the Taxable Payments reporting system (TPRS) for the 2019/2020 tax year.

The ATO has published the long awaited draft revision of the Practical Compliance Guideline PCG 2021/D2 for the allocation of profits by professional firms.

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.

Good news for everyone looking to grow their superannuation balance. The ATO has announced that from 1 July 2021 the transfer balance cap (TBC) will be indexed from $1.6m to $1.7m.

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.

Following on from David Thodey’s draft ‘Supporting the Road to Recovery’ report (Draft Report), released on 1 July 2020 (and commented on by us here on 16 July 2020), the NSW Budget handed down 17 November has confirmed the State Government’s proposal to replace stamp duty with a broad based property tax. If implemented, it will comprise the biggest shift in state taxes since World War 2.

The United States national election is over, and while we await ratification of the results and inauguration of the new President, focus must now turn to the likely tax policies of the Administration of President Elect Joe Biden.

The Queensland Parliament has passed legislation expanding the application of mandatory Project Bank Accounts (PBA’s) and renaming them to Project Trust Accounts (PTA’s).

Circumstances regularly arise whereby a business’ legal structure is no longer appropriate or beneficial for the business.

On 10 September, it was announced that the Export Market Development Grant (EMDG) scheme will be reoriented from its current reimbursement model to an upfront grant agreement payable to eligible recipients over multi-year grants from 1 July 2021.