Our latest insights

The ATO's potential GST changes for renewable energy projects may pose financial challenges.

In this episode, Jenny discusses the importance of sustainability, the impact of fast fashion on the environment and the role of individuals and businesses in reducing waste.

Explore the impact of the latest ATO Draft Taxation Ruling on software and IP payments. Learn how overseas providers and taxpayers may be affected by changes in the ‘royalty’ definition, transfer pricing, and withholding tax rates. Understand the Commissioner's perspectives on royalties, copyright definitions, and tax treaty applications. For personalised guidance on adapting to these changes, connect with the Grant Thornton tax team.

GST and property: AAT's key ruling in Lance vs Taxation [2024] AATA 11.

Driven by consumer demand, Australia's food and beverage manufacturing sector has seen a rise in health-focused businesses. Despite market growth, challenges like supply disruptions persist, leading to notable insolvencies in 2023. We've observed a notable increase in interest from over 100 potential acquirers for brands aligned with healthier products. But timing is critical for struggling businesses – early intervention and strategic planning are key.

Family Businesses prioritise sustainability policies and actions that benefit their business and community, even before regulation around Environmental, Social and Governance (ESG) initiatives were mandated. This genuine drive allows family and mid-sized businesses to act authentically while integrating corporate terminology to create a competitive advantage.

Payroll issue rectification is the process of fixing the root causes of the underpayments and implementing changes to prevent future errors or non-compliance.

What’s new for December 2023

Accounting standards issued but not yet effective for 31 December 2023

On 12 January 2024, Treasury released draft legislation on mandatory climate-related financial disclosures in Australia. Subject to the legislation being enacted by Parliament and receiving Royal Assent by the end of June 2024, the legislation will be in force for financial years commencing on or after 1 July 2024.

The purpose of this Alert is to draw attention to the Climate-related financial disclosure: exposure draft legislation consultation (Draft Legislation) published by the Australian Treasury on 12 January 2024. This draft legislation follows Treasury’s second consultation paper on the subject (June 2023).

The purpose of this Alert is to draw attention to the Australian Sustainability Reporting Exposure Draft ED SR1 (“ASRS Exposure Draft”) published by the Australian Accounting Standards Board (AASB) in October 2023.