- Market services
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Compliance audits & reviews
Our audit team undertakes the complete range of audits required of Australian accounting laws to help you to help you meet obligations or fulfil best practice procedures.
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Audit quality
We are fiercely dedicated to quality, use proven and globally tested audit methodologies, and invest in technology and innovation.
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Financial reporting advisory
Our financial reporting advisory team helps you understand changes in accounting standards, develop strategies and communicate with your stakeholders.
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Audit advisory
Grant Thornton’s audit advisory team works alongside our clients, providing a full range of reviews and audits required of your business.
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Corporate tax & advisory
We provide comprehensive corporate tax and advisory service across the full spectrum of the corporate tax process.
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Private business tax & advisory
We work with private businesses and their leaders on all their business tax and advisory needs.
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Tax compliance
We work alongside clients to manage all tax compliance needs and identify potential compliance or tax risk issues.
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Employment tax
We help clients understand and address their employment tax obligations to ensure compliance and optimal tax positioning for their business and employees.
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International tax
We understand what it means to manage tax issues across multiple jurisdictions, and create effective strategies to address complex challenges.
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GST, stamp duty & indirect tax
Our deep technical knowledge and practical experience means we can help you manage and minimise the impact of GST and indirect tax, like stamp duty.
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Tax law
Our team – which includes tax lawyers – helps you understand and implement regulatory requirements for your business.
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Innovation Incentives
Our national team has extensive experience navigating all aspects of the government grants and research and development tax incentives.
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Transfer pricing
Transfer pricing is one of the most challenging tax issues. We help clients with all their transfer pricing requirements.
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Tax digital consulting
We analyse high-volume and unstructured data from multiple sources from our clients to give them actionable insights for complex business problems.
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Corporate simplification
We provide corporate simplification and managed wind-down advice to help streamline and further improve your business.
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Superannuation and SMSF
Increasingly, Australians are seeing the benefits, advantages and flexibility of taking control of their own superannuation and retirement planning.
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Payroll consulting & Award compliance
Many organisations are grappling with a myriad of employee agreements and obligations, resulting in a wide variety of payments to their people.
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Cyber resilience
The spectrum of cyber risks and threats is now so significant that simply addressing cybersecurity on its own isn’t enough.
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Internal audit
We provide independent oversight and review of your organisation's control environments to manage key risks, inform good decision-making and improve performance.
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Financial crime
Our team helps clients navigate and meet their obligations to mitigate crime as well as develop and implement their risk management strategies.
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Consumer Data Right
Consumer Data Right (CDR) aims to provide Australians with more control over how their data is used and disclosed.
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Risk management
We enable our clients to achieve their strategic objectives, fulfil their purpose and live their values supported by effective and appropriate risk management.
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Controls assurance
In Australia, as with other developed economies, regulatory and market expectations regarding corporate transparency continue to increase.
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Governance
Through fit for purpose governance we enable our clients to make the appropriate decisions on a timely basis.
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Regulatory compliance
We enable our clients to navigate and meet their regulatory and compliance obligations.
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Forensic accounting and dispute advisory
Our team advises at all stages of a litigation dispute, taking an independent view while gathering and reviewing evidence and contributing to expert reports.
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Investigations
Our licensed forensic investigators with domestic and international experience deliver high quality results in the jurisdictions in which you operate.
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Asset tracing investigations
Our team of specialist forensic accountants and investigators have extensive experience in tracing assets and the flow of funds.
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Mergers and acquisitions
Our mergers and acquisitions specialists guide you through the whole process to get the deal done and lay the groundwork for long-term success.
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Acquisition search & strategy
We help clients identify, finance, perform due diligence and execute acquisitions to maximise the growth opportunities of your business.
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Selling a business
Our M&A team works with clients to achieve a full or partial sale of their business, to ensure achievement of strategic ambitions and optimal outcomes for stakeholders.
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Operational deal services
Our operational deal services team helps to ensure the greatest possible outcome and value is gained through post merger integration or post acquisition integration.
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Transaction advisory
Our transaction advisory services support our clients to make informed investment decisions through robust financial due diligence.
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Business valuations
We use our expertise and unique and in-depth methodology to undertake business valuations to help clients meet strategic goals.
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Tax in mergers & acquisition
We provide expert advice for all M&A taxation aspects to ensure you meet all obligations and are optimally positioned.
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Corporate finance
We provide effective and strategic corporate finance services across all stages of investments and transactions so clients can better manage costs and maximise returns.
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Debt advisory
We work closely with clients and lenders to provide holistic debt advisory services so you can raise or manage existing debt to meet your strategic goals.
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Working capital optimisation
Our proven methodology identifies opportunities to improve your processes and optimise working capital, and we work with to implement changes and monitor their effectiveness.
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Capital markets
Our team has significant experience in capital markets and helps across every phase of the IPO process.
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Debt and project finance raising
Backed by our experience accessing full range of available funding types, we work with clients to develop and implement capital raising strategies.
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Private equity
We provide advice in accessing private equity capital.
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Financial modelling
Our financial modelling advisory team provides strategic, economic, financial and valuation advice for project types and sizes.
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Payments advisory
We provide merchants-focused payments advice on all aspects of payment processes and technologies.
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Voluntary administration & DOCA
We help businesses considering or in voluntary administration to achieve best possible outcomes.
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Corporate insolvency & liquidation
We help clients facing corporate insolvency to undertake the liquidation process to achieve a fair and orderly company wind up.
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Complex and international insolvency
As corporate finance specialists, Grant Thornton can help you with raising equity, listings, corporate structuring and compliance.
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Safe Harbour advisory
Our Safe Harbour Advisory helps directors address requirements for Safe Harbour protection and business turnaround.
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Bankruptcy and personal insolvency
We help clients make informed choices around bankruptcy and personal insolvency to ensure the best personal and stakeholder outcome.
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Creditor advisory services
Our credit advisory services team works provides clients with credit management assistance and credit advice to recapture otherwise lost value.
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Small business restructuring process
We provide expert advice and guidance for businesses that may need to enter or are currently in small business restructuring process.
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Asset tracing investigations
Our team of specialist forensic accountants and investigators have extensive experience in tracing assets and the flow of funds.
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Independent business reviews
Does your company need a health check? Grant Thornton’s expert team can help you get to the heart of your issues to drive sustainable growth.
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Commercial performance
We help clients improve commercial performance, profitability and address challenges after internal or external triggers require a major business model shift.
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Safe Harbour advisory
Our Safe Harbour advisory helps directors address requirements for Safe Harbour protection and business turnaround.
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Corporate simplification
We provide corporate simplification and managed wind-down advice to help streamline and further improve your business.
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Director advisory services
We provide strategic director advisory services in times of business distress to help directors navigate issues and protect their company and themselves from liability.
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Debt advisory
We work closely with clients and lenders to provide holistic debt advisory services so you can raise or manage existing debt to meet your strategic goals.
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Business planning & strategy
Our clients can access business planning and strategy advice through our value add business strategy sessions.
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Private business company secretarial services
We provide company secretarial services and expert advice for private businesses on all company secretarial matters.
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Outsourced accounting services
We act as a third-party partner to international businesses looking to invest in Australia on your day-to-day finance and accounting needs.
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Superannuation and SMSF
We provide SMSF advisory services across all aspects of superannuation and associated tax laws to help you protect and grow your wealth.
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Management reporting
We help you build comprehensive management reporting so that you have key insights as your business grows and changes.
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Financial reporting
We help with all financial reporting needs, including set up, scaling up, spotting issues and improving efficiency.
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Forecasting & budgeting
We help you build and maintain a business forecasting and budgeting model for ongoing insights about your business.
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ATO audit support
Our team of experts provide ATO audit support across the whole process to ensure ATO requirements are met.
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Family business consulting
Our family business consulting team works with family businesses on running their businesses for continued future success.
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Private business taxation and structuring
We help private business leaders efficiently structure their organisation for optimal operation and tax compliance.
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Outsourced CFO services
Our outsourced CFO services provide a full suite of CFO, tax and finance services and advice to help clients manage risk, optimise operations and grow.
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ESG & sustainability reporting
There is a growing demand for organisations to provide transparency on their commitment to sustainability and disclosure of the nonfinancial impacts of their business activities. Commonly, the responsibility for sustainability and ESG reporting is landing with CFOs and finance teams, requiring a reassessment of a range of reporting processes and controls.
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ESG & sustainability advisory
With the ESG and sustainability landscape continuing to evolve, we are focussed on helping your business to understand what ESG and sustainability represents and the opportunities and challenges it can provide.
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ESG, sustainability and climate reporting assurance
As the demand for organisations to prepare information in relation to ESG & sustainability continues to increase, through changes in regulatory requirements or stakeholder expectations, there is a growing need for assurance over the information prepared.
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Management consulting
Our management consulting services team helps you to plan and implement the right strategy to deliver sustainable growth.
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Financial consulting
We provide financial consulting services to keep your business running so you focus on your clients and reaching strategic goals.
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China practice
The investment opportunities between Australia and China are well established yet, in recent years, have also diversified.
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Japan practice
The trading partnership between Japan and Australia is long-standing and increasingly important to both countries’ economies.
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India practice
It’s an exciting time for Indian and Australian businesses looking to each jurisdiction as part of their growth ambitions.
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Singapore practice
Our Singapore Practice works alongside Singaporean companies to achieve growth through investment and market expansion into Australia.
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Vietnam practice
Investment and business opportunities in Vietnam are expanding rapidly, driven by new markets, diverse industries, and Vietnam's growing role in export manufacturing, foreign investment, and strong domestic demand.
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Client Alert Government Grants in FY25As we embark on a new financial year, it’s crucial to take a strategic approach to understanding the government grants landscape.
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Client Alert Consultation on foreign resident CGT rules commencesTreasury is taking steps to ensure fairer tax treatment for foreign resident investors by tightening Australia's foreign resident Capital Gains Tax (CGT) regime. Proposed changes aim to broaden the CGT base and enhance integrity, impacting infrastructure, energy, agriculture, and more.
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Insight Australian wine export strategies post-China tariff removalFollowing the recent removal of tariffs on Australian wine by China, the industry is keen to rebuild relations and explore the right export markets. This presents Australian wine producers with a chance to reassess their position in the global market.
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Insight Cultivating innovation: A guide to claiming the R&D Tax Incentive in the Agribusiness sectorTo facilitate continued innovation in the Agribusiness sector, the Federal Government’s Research and Development Tax Incentive supports companies to undertake research and development activities that meet the eligibility criteria.
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Transformation through energy transition
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The “Baby Boomer” generation saw the biggest accumulation of wealth in history and will lead to the largest intergenerational transition of wealth Australia has ever seen. Once a simple concept, the transition of wealth is now a maze of complex family arrangements and structures, often put in place for the purpose of protecting assets. These structures work well to preserve assets for the next generation, however when it comes to transitioning wealth they can lead to a hefty serving of tax if not dealt with appropriately.
A 2021 Productivity Commission report outlined $1.5 trillion of wealth had passed from one generation to the next during the period 2002 to 2018, with $120 billion transferring in 2018 alone. These numbers are only expected to increase as the population continues to age in years to come.
The diversity and the size of this wealth pool and the variety of structures that hold it mean careful estate planning is a must. It’s not uncommon to see people using a combination of companies, trusts, and self-managed super funds to hold assets and in many cases all the above. If you are someone who holds assets in a variety of structures, you may be surprised to hear that a “will” isn’t always sufficient to direct all the assets you control.
Why your will may not be the best way to control your assets
Assets held via a family or discretionary trust do not form part of an estate, nor is an individual’s will able to deal with them. This leaves limited options on how to direct these assets. In the past, many trust deeds contained clauses that would vest the trust upon the death of a set individual which can lead to significant tax at both federal and state level. A better option is to think about who you would like to take over control of the trust and where the trust deed allows it, build in clauses that support a transition of control. Most modern deeds generally allow this, however you should always read the deed. Consideration needs to be given to who will ultimately have control of the trust and its underlying assets (the appointor) as well as who will manage the day-to-day activities of the trust (the trustee – be that an individual or company).
A simple solution may be to include a statement of wishes as an additional appendix to your will. Whilst not binding, a statement of wishes can be a simple way to clearly communicate what your objectives are and give an insight into overall intent.
Further consideration needs to also be given where a trust has multiple assets and the intention is to pass these to different beneficiaries – can this be dealt with without triggering potential income tax and stamp duty consequences? The answer will depend upon many different factors and needless to say, careful planning and consideration should be exercised to ensure no unexpected tax consequences are borne by the trustee or a beneficiary.
Superannuation
Substantial accumulated wealth is also held within a superannuation environment. Like trusts, assets in superannuation do not automatically form part of a person’s estate and are therefore often overlooked by an individual when it comes to estate planning.
The payment of superannuation on death is governed by both superannuation law and the deed of the superannuation fund. Most superannuation funds allow members to nominate who the recipient of their superannuation will be on death, however superannuation laws limits this to a dependent or the individual’s legal personal representative. Nominations are a legal document, so it is essential they are completed correctly and revisited regularly. These can often lapse after a period of three years and if a valid nomination form is not in place, the decision as to where superannuation proceeds are paid on death is generally left up to the trustee of the fund. Accordingly, payment may not be to the intended recipient and may therefore come with an unintended taxation consequence.
How to gift assets to future generations
With the number of inheritances growing, a trend picking up momentum is for assets to be bestowed onto future generations now, rather than waiting for it to be done through a will or estate. Perhaps this is to provide for a home deposit or see a dream realised as an investment into a business. No matter the reason, providing funds now gives the benefit of seeing them enjoyed and put to good use during the lifetime of the individual. But how do you make it work?
Commonly where the ultimate result is to be an equal distribution of funds between multiple persons, a loan is granted, with the intention being a reduction in the amount that beneficiary will receive upon the passing of the individual. However, careful consideration needs to be given as this may trigger an immediate tax consequence under the provisions of Division 7A, particularly if those funds are sourced from within the family group of entities. Even if the loan is not immediately covered by Division 7A it may be subject to these provisions upon the death of the individual, particularly if the intention was that the loan was to be ultimately forgiven.
Gifting an amount out of an individual’s personal asset pool is a viable option, particularly if the individual has surplus cash or liquid assets. However, this provision of funds will not automatically reduce a future distribution or be taken into account when a beneficiary receives an entitlement under a will. Where the gift has been made from assets not held in the personal name of the deceased individual the loan arrangement outlined above can further complicate this. Consequently, it is important to ensure that estate planning and an individual’s will uses specific wording to take into consideration any amounts intended to be offset against future distributions and protect the ultimate intention of the deceased.
A last will and testament will often have the provision for a Testamentary Trust which a beneficiary can utilise to hold assets bequeathed under a will. Whilst this can have benefits from a taxation and asset protection perspective it should be noted that is not always a fool proof solution.
For example, where a testamentary trust is used to safeguard family assets within a particular blood line, the trust assets may still be considered when a court is deciding on a settlement as part of a relationship break down. That is, trust assets may not be specifically divided by the court as part of a divorce, but taken into account when deciding on the final split of assets from the overall martial asset pool.
Testamentary trusts also introduce complications where beneficiaries are overseas residents. In a post-COVID world, overseas travel is quickly returning, and with that brings various residency complications. If you intend to leave assets to a foreign resident under a will, the capital gains consequences could be substantial. Likewise, where an individual becomes a non-resident and acts as a trustee of a testamentary trust, the trust itself may then be considered a non-resident for tax purposes. This in turn triggers taxation consequences and can see some of the concessions offered to Australian residents foregone.
As can be seen, estate planning is no longer just “creating a will”. If careful planning and a holistic approach is not undertaken, what was intended to be a generous gift and legacy may be significantly diminished and not safeguarded for the next generation. With wealth transfers having doubled since 2002 it’s imperative to get it right. Contact the Private Business Tax & Advisory team today to discuss your plan and determine your next steps.