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Audit

Grant Thornton’s expert audit approach will help you comply with regulations, and improve business strategies and internal processes.

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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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We are fiercely dedicated to quality, use proven and globally tested audit methodologies, and invest in technology and innovation.
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Our financial reporting advisory team helps you understand changes in accounting standards, develop strategies and communicate with your stakeholders.
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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Tax

We work with clients at all stages of their business lifecycle – and through all their organisation’s major events – to navigate tax obligations.

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Corporate tax & advisory
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Insight Australia's taxation system needs efficiency and simplicity

While tax reform has been widely discussed throughout the political landscape since the Henry Tax Review was released 14 years ago, it is becoming an increasingly emphasised in recent years due to questions around the efficiency of the Australian taxation system, particularly in relation to the heavy reliance on personal income taxes and the sustainability around this for the future.

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Payroll consulting & Award compliance
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Forensics

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Forensic accounting and dispute advisory
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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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Deals

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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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Payments advisory
We provide merchants-focused payments advice on all aspects of payment processes and technologies.

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Insolvency

Our insolvency teams takes a proactive approach so our clients have access to more business turnaround options and retain the most value for all stakeholders.

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We help businesses considering or in voluntary administration to achieve best possible outcomes.
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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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Creditor advisory services
Our credit advisory services team works provides clients with credit management assistance and credit advice to recapture otherwise lost value.
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.
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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Restructuring and turnaround

We help clients identify and undertake restructuring and turnaround initiatives to preserve profitability and protect and recover value.

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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.
Commercial performance
We help clients improve commercial performance, profitability and address challenges after internal or external triggers require a major business model shift.
Safe Harbour advisory
Our Safe Harbour advisory helps directors address requirements for Safe Harbour protection and business turnaround.
Corporate simplification
We provide corporate simplification and managed wind-down advice to help streamline and further improve your business.
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.
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 services

We work with private businesses across Australia – and internationals looking to Australia for their investments and operations – on all accounting and...

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Business planning & strategy
Our clients can access business planning and strategy advice through our value add business strategy sessions.
Private business company secretarial services
We provide company secretarial services and expert advice for private businesses on all company secretarial matters.
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.
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.
Management reporting
We help you build comprehensive management reporting so that you have key insights as your business grows and changes.
Financial reporting
We help with all financial reporting needs, including set up, scaling up, spotting issues and improving efficiency.
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We help you build and maintain a business forecasting and budgeting model for ongoing insights about your business.
ATO audit support
Our team of experts provide ATO audit support across the whole process to ensure ATO requirements are met.
Family business consulting
Our family business consulting team works with family businesses on running their businesses for continued future success.
Private business taxation and structuring
We help private business leaders efficiently structure their organisation for optimal operation and tax compliance.
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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.

Environmental, Social and Governance (ESG)

Having a considered and informed ESG response has never been more important for all organisations as we are seeing awareness of the elements of ESG continue to...

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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.
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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Consulting

Our consulting team supports its clients with hands-on and proactive advice on all aspects of their strategies for sustainable growth.

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Management consulting
Our management consulting services team helps you to plan and implement the right strategy to deliver sustainable growth.
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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Indigenous advisory

We take a full view of Indigenous-specific requirements and optimisation opportunities available to businesses.

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Asia

The growth gateway

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China practice
The investment opportunities between Australia and China are well established yet, in recent years, have also diversified.
Japan practice
The trading partnership between Japan and Australia is long-standing and increasingly important to both countries’ economies.
India practice
It’s an exciting time for Indian and Australian businesses looking to each jurisdiction as part of their growth ambitions.
Singapore practice
Our Singapore Practice works alongside Singaporean companies to achieve growth through investment and market expansion into Australia.

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Industries

Agribusiness, Food & Beverage

Supporting the growth of ‘Australian Made’ in today’s markets

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Energy & Resources

From an active natural resources M&A market, a growing energy and renewable energy market, to new technologies and export and trade agreements – we have the...

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Renewable Energy
Transformation through energy transition

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Health & Aged Care

Working alongside health, disability & aged care providers in a challenging environment

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Life Sciences

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Manufacturing

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Not for Profit

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Professional Services

Setting Australia’s knowledge powerhouse up for success

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Real Estate & Construction

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Retail & Consumer Products

Our aim is to help you find a better, simpler, more efficient, and more profitable way of doing things to keep your business safe and help you grow.

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Technology, Media & Telecommunications

Exciting, fast paced, innovative and disruptive

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Business Planning and Strategy
Having an honest, broad-reaching and thought-provoking discussion with a skilled, independent advisor can be the catalyst for clarity – a direction to take your business forward and an understanding of what is key to success.

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Client Alert

GST and changes in use of residential premises

By:

Anika Reside

17 Jun 20222 min read

Are you a property developer who has had a change of plans during the COVID-19 pandemic? 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.

Contents

This continues to be an area of focus of the ATO and failing to make adjustments for a change in use can result in unplanned cash flow issues, interest charges or penalties being imposed.

What is Division 129 of the GST Act?

Where a property developer intends to sell new residential premises, it is eligible to claim the GST incurred on the development costs. However, where the property developer intends to lease the new residential premises, it is not eligible to claim the GST incurred on the development costs or ongoing operational costs.

Division 129 of the GST Act applies in circumstances where there is a change in the intended or actual use of residential premises. Property developers may be required to undertake adjustments to their previous GST recovery where a change in use has occurred. Depending on the circumstances, these adjustments may increase GST recovery, or result in recovered GST being repayable to the ATO.

Division 129 adjustments are made annually in the June tax period. As we approach 30 June, we recommend that property developers consider whether they have a requirement to make adjustments under Division 129 of the GST Act.

How Grant Thornton can help

Division 129 is a complex area of GST legislation that can involve adjustment calculations that span periods of up to 10 years.

Grant Thornton has vast experience in undertaking Division 129 calculations for a range of property developers. We can identify opportunities to maximise additional GST claims and minimise GST repayments that arise from a change in use of residential premises.

If you would like further information on how we can assist your business with your Division 129 adjustments, please contact one of our indirect tax specialists.