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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Alongside Chief Minister Lia Finocchiaro, Treasurer Bill Yan focused on reducing crime and increasing public service employee costs in supporting hospital and correction services.
We provide independent oversight and review of your organisation's control environments to manage key risks, inform good decision-making and improve performance.
We enable our clients to achieve their strategic objectives, fulfil their purpose and live their values supported by effective and appropriate risk management.
ADIs are navigating regulatory reform, digital transformation, and rising fraud risks by strengthening governance, modernising infrastructure, and aligning strategy with compliance to drive resilience and long-term value.
Our forensics team identifies and obtains relevant information, investigates the financial issue at hand and provides a clear, concise, sustainable opinion as...
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Post-acquisition disputes can significantly impact the success of a transaction and the ongoing success of the businesses involved. Read about practical insights into common post-acquisition dispute issues and how to address them proactively, particularly through the financial due diligence and deal advisory process.
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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As environmental, social, and governance (ESG) considerations become increasingly pivotal for dealmakers in Australia, it is important for investors to feel confident in assessing transactions through an ESG lens.
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At Grant Thornton we do things differently because we understand that when you strive for better and care about what you do remarkable things are possible.
The compelling client experience we’re passionate about creating at Grant Thornton can only be achieved through our people. We’ll encourage you to influence how, when and where you work, and take control of your time.
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We’re passionate about making a difference in our communities. Through our sustainability and community engagement initiatives, we aim to contribute to society by creating lasting benefits that empower others to thrive.
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The first budget of the newly elected Country Liberal Party was handed down in the Northern Territory on Tuesday 13 May 2025.
Alongside Chief Minister Lia Finocchiaro, Treasurer Bill Yan focused on reducing crime and increasing public service employee costs in supporting hospital and correction services.
Northern Territory net debt will rise from $10.5b to over $12.2b in 2025-26, forecasted to reach almost $14b by 2028-29.
The Territory’s unemployment rate is estimated to be 5 per cent in 2025-26. Separately, Northern Territory inflation is likely to remain at 2.5 per cent, and interest payments on debt are forecasted to increase from $579m to $679m from this financial year to next. Interest payments are set to be greater than tax income for the first time in 2026-27.
While the Treasurer noted over 70 per cent of the Territory’s revenue comes from the Commonwealth and voiced the need for further national support for nation-building projects, taxation reform, and additional support for international migration to assist with initiatives aimed filling the Territory’s skills and labour gaps.
Key highlights
$2.5b in health services including hospital services, primary health care, mental health, and alcohol and drug services.
$2b in 2025-26 in transport infrastructure including roads, aerodromes, and jetties.
$1.8b to housing development in urban and remote communities.
$780m in social protection initiatives aimed at reducing crime.
$608m for police services, including spending towards aircraft and school-based policing.
$305m over 2025-26 and 2026-27 to continue developing the Darwin ship facility.
$270.9m for community safety infrastructure including upgrading police and correctional facilities.
$255m from 2024-25 towards a utility tariff subsidy, supporting the Energy Bill Relief Fund and Community Service Obligation subsidies for businesses and households.
$2m per year in 2025-26 and 2026-27 for skilled migration and international student attraction and retention initiatives.
Revenue measures
Total revenue is expected to be $9.13b in 2024-25, increasing by 10 per cent in 2025-26 to $10.04b, with annual growth across the forward estimates averaging 1.7 per cent. GST revenue will continue to be the Territory’s largest revenue source, representing about 47 per cent of the total revenue across the budget cycle. GST revenue is projected to increase from $4.29b in 2024-25 to $5.2b in 2028-29, equating to an average growth of 4.9 per cent per annum.
While taxation revenue is expected to only represent approximately 7.7 per cent of total revenue over the budget cycle, taxation revenue is expected to grow from $797m in 2024-25 to $804m by 2028-29 amounting to growth of 2.5 per cent per annum.
Similarly, mining and petroleum royalties are expected to remain stable on forward estimates, averaging $282m per annum until 2028-29.
Removal of outdated barriers to payroll and stamp duty exemption
In what is expected to provide tax relief and support to charities and not-for-profit entities, the Territory government has announced some modest tax reform measures, specifically the abolition of outdated rules that have previously denied payroll tax and stamp duty exemptions.
Effective from 1 July 2025, amendments to the Payroll Tax Act 2009 (NT) will eliminate the 'commercial or competitive' test that previously blocked payroll tax exemptions for charities and not-for-profits, even when delivering essential services like aged care, disability support, and childcare. For the payroll tax exemption, charities and not-for-profit entities are no longer required to substantiate that wages excluded staff engaging in commercial or competitive activities.
A similar amendment to the stamp duty exemption will be made, whereby these entities will no longer be required to substantiate that acquired property is used solely in a manner that is not commercial or competitive.
The Territory government have made it clear that they have intended to remove unnecessary red-tape in support of the growth of charities and not-for-profits, as well as the alignment of the payroll tax and stamp duty exemptions with other Australian states.
It is estimated that these measures will result in $1.3m per annum of forgone revenue.
Other budget announcements include:
From 1 July 2025, the payroll tax tax-free threshold and maximum annual deduction will increase from $1.5m to $2.5m. The new annual deduction will reduce at a rate of $1 for every $2 of taxable wages above the tax-free threshold, instead of $1 for every $4 of taxable wages and accordingly it remains that deductions will be exhausted on taxable wages above $7.5m.
From 1 July 2025, wages paid to apprentices and eligible trainees (defined in line with the relevant definitions in the Training and Skills Development Act 2016 (NT)) will be exempt from payroll tax where relevant criteria is satisfied.
If you wish to discuss the Northern Territory announcements, please reach out to a Grant Thornton Partner today.
In its Budget Reply, the Opposition commits to key spending on healthcare and energy but plans to cut 41,000 public servants and repeal $17.1B in tax cuts, citing fiscal concerns.
With the 2025 Federal Budget confirmed for 25 March, we've got you covered. Check out our Federal Budget hub for our Budget coverage, and make sure you register for our virtual seminar where our panel of experts will dissect the Budget and tax implications for your business.
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