Services
- Market services
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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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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Sustainability Reporting Alert | SRA 2024-4
ASIC releases draft regulatory guidance for sustainability reporting
The purpose of this Alert is to draw attention to the Consultation Paper CP 380 Sustainability reporting (consultation paper) and accompanying draft regulatory guide RG 000 Sustainability reporting (draft regulatory guidance) published by the Australian Securities and Investment Commission (ASIC) on 7 November 2024.
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
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.
Related insights:
Client Alert
FBT exemption phase-out for plug in hybrids (PHEVs) effective from 1 April 2025
Stay updated on the FBT exemption phase-out for plug-in hybrids (PHEVs) effective from 1 April 2025. Learn about the Independent Senator’s Bill, ATO guidance, and examples of financially binding commitments affecting FBT treatment.
We work with clients to implement risk management processes and strategies to reduce risk and identify opportunity to extract commercial value.
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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.
Related insights:
Podcast
Brisbane 2032 Olympics: opportunities, challenges, procurement risks and strategies
In the latest episode of Beyond the Numbers with Grant Thornton, our Brisbane Office Chair and Tax Partner Sian Sinclair and Risk Consulting Partner Jarrod Lean discuss opportunities, challenges, procurement risks and strategies.
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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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.
Related insights:
Client Alert
Expert Determination: When it’s an ‘error’, but not a ‘manifest error’
In a recent NSWSC judgment, the Court found that an error identified by the Expert is not a ‘manifest error’.
Our team works with clients on all aspects of their deals to get the transaction done and implement the frameworks for long-term success.
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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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ESG Due Diligence
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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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.
Related insights:
Dealtracker
Retail Dealtracker 2024: Harnessing the technological evolution
Despite a decrease in M&A deal volumes and IPO activity in the face of economic uncertainty, Australia’s retail sector remains appealing to investors. Through our analysis of Australian retail M&A and equity markets in the 18 months to 31 December 2023, we saw the retail sector face a mix of challenges and opportunities.
Our finance and funding team works to access sources of finance, present your case to potential funders and negotiate a long-term sustainable relationship.
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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.
Related insights:
Client Alert
Implications of the aged care overhaul for businesses
The aged care overhaul is here, with major reforms shaping the future of care for older Australians. From funding shifts to enhanced home care options, these changes will require careful planning from businesses in the sector. Find out how the $5.6b investment into the quality, viability, and accessibility of aged care services and related reforms will affect providers and why strategic planning is crucial for the year ahead.
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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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.
Related insights:
Insight
The rise in retail insolvencies
Rising costs, supply chain disruptions, and shifting consumer behaviour are pushing many retailers to the edge. Taking immediate action to reduce operational expenses and prioritise cash flow management can give businesses the breathing room they need. Retailers must adapt quickly to survive these challenging market conditions and avoid insolvencies.
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.
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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.
Related insights:
Insight
The rise in retail insolvencies
Rising costs, supply chain disruptions, and shifting consumer behaviour are pushing many retailers to the edge. Taking immediate action to reduce operational expenses and prioritise cash flow management can give businesses the breathing room they need. Retailers must adapt quickly to survive these challenging market conditions and avoid insolvencies.
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.
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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.
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.
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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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ESG Due Diligence
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.
Related insights:
Insight
ASIC draft regulatory guidance for sustainability reporting
On 7 November 2024, ASIC released draft regulatory guidance for sustainability reporting.
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.
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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.
Related insights:
Insight
Financial literacy for the Rising Generation
Money and finances can often be a sensitive and discreet topic in families, but what about families that own and operate a family business? Discussions about money can often begin around the dinner table, with even very young children receiving pocket money in exchange for chores.
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.
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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.
Related insights:
Client Alert
Consultation on foreign resident CGT rules commences
Treasury 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.
Supporting the growth of ‘Australian Made’ in today’s markets
Related insights:
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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.
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
Related insights:
Insight
Tax planning essentials for successful M&A transactions
Discover key tax planning steps for a smooth, tax-efficient M&A transaction.
Working with the sector to understand and manage risk, embrace opportunity and support regulatory compliance
Working alongside health, disability & aged care providers in a challenging environment
On track for innovation and growth
Supporting the growth of the innovators, the IP generators and the job creators
Supporting social impact organisations to deliver for communities
Setting Australia’s knowledge powerhouse up for success
Supporting the sector to respond to economic and social shifts
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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Be a part of something great – join Grant Thornton’s Alumni program
During the FY23 financial year, our Employment solutions team highlighted key updates, issues and ATO review activity that finance and payroll leaders need to be across in a series of webinars, seminars and insights.
Contents
Here we’ve summarised some of those key items which remain relevant as we approach FY24 including fringe benefits, single touch payroll, superannuation guarantee, employee vs contractor and employee share schemes.
Fringe Benefits Tax (“FBT”)
- Electric vehicles are exempt from FBT if the relevant exemption criteria has been met for those vehicles first held, or used, after 1 July 2022. Remember, as it is still a reportable fringe benefit employers need to calculate a notional taxable value.
- The ATO’s expanded definition of a “commercial car park” for FBT purposes is now in full swing, applicable from 1 April 2022. This expanded definition will pull in a lot of employers who previously weren’t subject to FBT on car parking provided to employees, particularly those based in the suburbs. Employers need to be mindful of any hospitals, universities, shopping centres etc. within 1km of business premises that are charging for all-day parking, even where a penalty rate is charged.
Read more on FBT or watch our webinar.
Payroll Tax
- The Office of State Revenue are currently very active with payroll tax audits given their data matching abilities that highlight potential issues.
- Employers to be wary of contractors/consultants arrangements, grouping issues, business acquisitions and overseas management.
Read more on payroll tax.
Single Touch Payroll Phase 2 (“STP2”) and data matching
- The key change is “disaggregation of gross income”, giving the ATO significantly greater visibility and transparency over your payroll system and whether the correct treatment for employment taxes (superannuation guarantee, pay-as-you-go withholding, payroll tax etc.) is being applied to payments made to employees.
- In turn, ATO’s data matching capabilities have largely increased, and they now have the ability to determine where errors are being made, potentially leading to ATO reviews.
- This data matching includes sharing of data with agencies such as the Fair Work Commission and Services Australia. Given the recent and regular media attention on “wage theft”, Fair Work wants employers to ensure they are adequately remunerating employees in accordance with relevant EBA’s/Awards and superannuation contributions have been calculated and paid correctly.
- If your business is not yet STP2 compliant, and you are unsure what the deferral due date is, check this now with your Digital Service Provider, as the last deferral due dates of 31 March or 30 June are fast approaching or recently passed.
Read more on Single Touch Payroll Phase 2 or watch our webinar.
Superannuation Guarantee
- Significant penalties apply where superannuation guarantee liabilities are not met for employees including potential part 7 penalties (up to 200% of the SGC shortfall) and the ability for the ATO to hold directors personally liable (Director Penalty Notices).
- Employers to be aware of ensuring the correct superannuation guarantee treatment (now as well as historically) is correct for all pay codes and whether payments are considered Ordinary Time Earnings – particularly with annual leave loading, bonuses, allowances and workers compensation.
Read more on Superannuation Guarantee or watch our webinar.
Employee vs Contractor
- This is a current focus area of the ATO and State Revenue Offices - employer’s need to have a robust system in place to correctly differentiate “employees vs. contractors”. And importantly, the contracts with both employees and contractors must clearly address the key facts of the arrangement and criteria for distinguishing between contractor or employee for tax purposes is considered and addressed.
- This is a complex area and there are significantly differing tax treatment and obligations for PAYG withholding, FBT, superannuation and payroll tax for an individual considered a common law employee, a genuine contractor, or is engaged via a company or trust.
Read more on engaging with contractors or watch our webinar.
Employee Share Schemes (ESS)
We are currently seeing the following trends in relation to the implementation of new plans or adjustments to existing plans:
- Private companies are generally either implementing an ESS Start – Up Option or Performance Rights Plan.
- A Performance Rights plan is generally used by private companies that do not satisfy the ESS Start - Up rules.
- Listed companies are generally leaning more towards a performance rights plan over an option plan.
Implementation tips
- When implementing a plan companies need to consider a number of different factors including the tax, legal and a remuneration design and most importantly to overlay these factors against the company’s strategic objectives to ensure that from a commercial perspective, they are fit for purpose.
- From a tax perspective, when considering the type of plan to implement, we recommend that companies do not simply focus on implementing a plan that accesses the 50% CGT concession, but rather they consider the potential net after tax return after taking into account the cost of acquiring the ESS interest and the tax cost.
We’ve also observed the following recent ATO activity:
- The ATO has recently issued a Tax Determination on their interpretation of what constitutes a genuine sales restriction. We recommend that this is reviewed for performance rights and option plans.
- From 1 July 2022 the ESS rules were amended to remove as a taxing point the cessation of employment. As a result, if an employee ceases employment and is subject to deferred taxation, they will not be taxed on ceasing employment and the other deferred taxing points will apply. This was a most welcome change as it alleviates the need to pay tax on the award on ceasing employment when the employee may not be able to sell the awards or otherwise access funds to meet the tax.
Register for our webinar to find out more.
Please reach out should you have any queries on any of the above.
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