Our latest insights

A favourite instrument for start-ups and companies about to list – Employee Share Schemes are used far more widely than most people think.

As the end of financial year approaches, companies with Employee Share Schemes (ESS) are required to report to the ATO and provide employees with a statement if a “taxing point” has occurred during the tax year.

The Government today announced significant changes to Australian Tax residency rules aimed at providing certainty and simplification for businesses and their employees as Australian borders begin to start re-opening to the world.

The proposed changes to both the tax treatment and regulatory framework of employee share schemes (‘ESS’) in Australia should be welcomed by employers and employees with tax–deferred ESS Plans.

With recent economic changes and COVID-19-related measures, the ATO has recently revised a couple of its rulings.

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.

For clubs, mandatory shutdowns due to COVID-19 have been particularly devastating and JobKeeper has been a welcome lifeline to help keep employees on the books.

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.