Our latest insights

The ATO has made it clear that the professional services industry is in the spotlight as we head into 2026. With PCG 2021/4 now fully in effect as of 1 July 2024, the question is no longer if the ATO will review your arrangements, it is now a question of when. Is your firm ready?

The Full Federal Court has handed down its decision in AusNet Services Limited v Commissioner of Taxation. AusNet argued that its 2015 restructure did not qualify for rollover relief under Division 615, despite that it earlier said it did. This case serves as a reminder that once a tax election is made, it is very difficult to unwind. Careful planning and forecasting are critical.

Australia’s new thin capitalisation rules significantly impact businesses with foreign ownership or offshore operations. If your business has debt deductions (such as interest deductions and borrowing costs) of more than A$2m, tax deductions could be denied under the primary ‘earnings tests’ (particularly if your EBITDA is low or negative due to early-stage losses, especially common in sectors like infrastructure and technology). To manage the above risk, the legislation offers an alternative test: the Third Party Debt Test (TPDT).

Australia has commenced reforming its Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) regime including the ‘Tranche 2’ reforms, which expand AML/CTF compliance to apply to additional professions including lawyers.

In this episode, Risk Consulting Partners and AML/CTF experts Neil Jeans and Katherine Shamai discuss the implications of the new AML/CTF Amendment Act, AUSTRAC’s expanded authority to investigate organisations, and the important questions Board should be asking management teams when it comes to the new reforms.

Discover key tax planning steps for a smooth, tax-efficient M&A transaction.

Learn why shareholder agreements are essential for governance, continuity, and protection. Explore key issues and benefits for business owners and partners.

In the first episode of our refreshed series, Beyond the Numbers, Financial Advisory Partner Darryn Hockley and Private Business Tax & Advisory Partner Craig Lawson, explore the characteristics of firms that are ‘option ready’.

Women face unique challenges when it comes to working in the superannuation industry. Grant Thornton’s SuperWomen Initiative Survey 2023 aims to better understand your experiences and expectations, the support systems you find valuable, and the pathways you envision for professional growth.

Effectively managing a modern professional services firm requires a strategic approach to profits, cash flow, and equity.

Following on from the ATO’s guide to professional services firms’ allocation of profits in PCG 2021/4, the ATO has now further tightened its compliance scrutiny of individual professionals’ ability to assign or stream income away from themselves to family members by releasing its compliance approach to so-called Everett assignments.

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.