Our latest insights

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.

With online grocery purchases continuing to grow as we emerge from the pandemic, retailers are faced with the challenge of expanding their digital services — whether that be on their own, through a third-party delivery provider or some combination of both.

If your SME is facing a compulsory land acquisition, a forensic accountant may be able to help with strategic advice and specialist analysis

In October 2021, over 135 jurisdictions (including Australia) joined a ground-breaking plan to update key elements of the international tax system. The Global Anti-Base Erosion Rules (GloBE) are intended to ensure large multinational enterprises pay a minimum level of tax on the income arising in each of the jurisdictions where they operate. The OECD released the Pillar Two Model Rules on 20 December 2021, and Commentary to accompany the Rules on 14 March 2022. Further guidance is expected by way of an Implementation Framework, but that may not be completed and available until the end of 2022.

When families come into large sums of money – typically from the sale of a business or property – the question often arises: ‘Do I gift this money now to my family or do I wait and include it in my estate?’

While much of the country is now open, businesses are still navigating the impact of COVID-19 – largely without the assistance of State and Federal Government pandemic-focused support. Therefore, insolvency is an unfortunate and potential reality for many.

It is clear that consumers are demanding more from retail brands. Today our relationships with retail companies has moved past the transactional buy and sell contract, to one that has growing demands around transparency, diversity and good citizenship.

Working with our family business clients, we have seen some businesses misunderstand the purpose of, or underutilise, the director appointed as Chair, and therefore miss the opportunities, skills and perspectives this role can bring.

Deceased estates are often a complex situation to navigate, especially when the death of the individual was unexpected, leaving behind issues which can lead to spouses, siblings, extended family, friends and business partners entering into a dispute over the assets to be distributed.

The ATO has recently issued a new class ruling expanding on what products qualify as a ‘portable electronic device’ for FBT exemption purposes. In addition to devices that were designed to operate as a small, portable complete unit without an external power supply such as laptops, mobile phones and similar devices, the new ruling extends to include portable display monitors that run in connection with phones, tablets, etc. Espresso Displays were an instrumental part of the process, having obtained the ruling for their portable screens.

With the end of the financial year less than a month away, now is an opportune time to review your business affairs as part of your year-end tax planning