Our latest insights

It didn’t take long for the numbers from the Treasurer’s economic update to be blown out with the spike in COVID cases in Melbourne resulting in the current stage 4 restrictions.

Grant Thornton’s Corporate Finance and Financial Services team held a practical webinar this week to address how FinTechs can navigate the current environment.

As many employers still await further details about whether they will qualify for JobKeeper, the ATO Commissioner has extended the time to make payments for the first two fortnights (i.e. 30 March – 12 April and 13 April – 26 April).

With the recent closure of restaurants for dine-in options, many NFP employees including health care workers, were effectively unable to access the meal entertainment part of their salary package.

FBT returns are due to be lodged in a few short months. To be on the front foot, listen to our one-hour free webinar as we discuss the latest updates on your critical employment tax obligations, including those that have come into play as a result of the COVID-19 situation.

2019 has been an interesting and challenging year for businesses, both large and small. As well as grappling with a weakening economy and an unsettled global trading environment, one consistent theme that stands out in Australia is an increased focus on employment tax compliance, with a raft of law changes, audit activity and landmark cases.

Ben Matthews recently met with the Managing Partner of a mid-tier legal firm to discuss the struggles he was facing in trying to build a successful partnership, including attracting and retaining great people, optimising working capital, maximising tax efficiencies, retiring debt and funding investment.

The Federal Government delivered its pre-election Budget in May, and the key winners were older Australians, suppliers to infrastructure projects and small business – just to name a few.

Based on announcements prior to Tuesday’s federal budget, Australia’s improved economic fortunes and more rigorous tax compliance and enforcement activities are providing more revenue.

Many countries have the challenge of delivering sustainable tax revenues amid ongoing globalisation, technological change and disruption, rising energy costs and ageing populations. These influences won’t dissipate, but a review of recent history in the context of rumoured tax cuts in Tuesday’s federal budget reveals a substantial turnaround in Australia’s fortunes.