Our latest insights

The ATO released its June 2022 final Legal Professional Privilege (LPP) Protocol setting out the ATO's recommended approach for taxpayers to identify LPP communications and making LPP claims to the ATO in response to a formal notice to produce documents.

While Australia has shown strong acquirer appetite and businesses from all industries are finding great success and outstanding returns with their acquisition and divestment strategies, M&A activity now faces an uncertain future.

This financial year was a year of many changes in the R&D space – a new government, borders re-opening Australia to the world, easing supply chain pressures driving opportunities for trade, and an appetite to boost on-shore manufacturing.

At a high level, the Property Tax is intended to replace stamp duty as the method of taxing land in NSW. Stamp duty is a large tax paid upfront once on the purchase of land in NSW, while the proposed Property Tax is a much smaller annual tax, similar to council rates.

Many people are getting excited about the Government’s pre-election promise to exempt electric cars from Fringe Benefits Tax (FBT) as of 1 July 2022. But before you rush to order your new vehicle, there are a few considerations for you to take into account. While this measure is expected to take effect shortly, there is no legislation for this yet – not even in draft – and parliament’s next sitting days have not been announced. This means any new legislation will no doubt need to be retrospective to have effect from 1 July 2022.

Hearing the words ‘Division 7A’ is often accompanied with a twinge of anxiety – and for good reason. This area of tax legislation is incredibly complex, and for family businesses, Division 7A can be a particularly difficult concept to navigate.

Professional service firms have experienced growth and increased profitability over the last two years. The issue of succession – promoting, attracting and managing the retirement of equity participants – has never been more challenging.

As the financial year draws to a close, now is the time for property developers to review their projects and determine whether there has been a change of intended or actual use of any residential premises which may require a GST adjustment under Division 129 of the GST Act.

We discussed some of the key findings of our Women in Business research with female industry leaders across our global Grant Thornton network, exploring how the banking sector can keep the momentum going to attract, retain and nurture women to build a more inclusive future.

We saw COVID threaten the sustainability for many not-for-profit (NFP) organisations, forcing some to make operational changes or to shut their doors, and others to adapt and drive innovation to achieve their mission. But what does it mean to be a sustainable NFP, and how do these organisations then remain sustainable for years to come?

Australia’s Biotechnology Sector Snapshot 2022, conducted by Ausbiotech and supported by Grant Thornton, has revealed an impressive 43% growth rate in the sector in the past two years.

With only 3 weeks remaining in the financial year, builders should immediately test their compliance with the Queensland Building and Construction Commission’s (QBCC) Minimum Financial Reporting Requirements (MFR) to ensure there is enough time to rectify any deficiencies before FY22/23 year end.