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The importance of strong Expected Credit Loss modelling frameworks
The transition to Expected Credit Loss (ECL) modelling under AASB 9 revolutionises financial accounting. Success relies on understanding ECL principles, ensuring data quality, robust methodologies, and effective governance.
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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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Increasingly, Australians are seeing the benefits, advantages and flexibility of taking control of their own superannuation and retirement planning.
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New return requirements and DGR reviews in the not-for-profit sector
New return requirements and DGR reviews in the not-for-profit sector now require non-charity organisations to submit annual tax-exempt status reviews to the ATO.
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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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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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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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In Australia, as with other developed economies, regulatory and market expectations regarding corporate transparency continue to increase.
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We enable our clients to navigate and meet their regulatory and compliance obligations.
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Final report of the Aged Care Taskforce – is the system right?
The Aged Care Taskforce (ACTF) has released its final report. Its clear focus is on improving sustainability and ensuring fairness. The final report described twelve funding principles which fall into the categories of supporting older people as they age, equitable and sustainable funding, quality innovation, and transparency.
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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eDiscovery
In a data-driven economy, data enables commercial and economic growth, innovation, and social benefit.
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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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Critiquing another expert’s report
Critiquing another expert's report is a core skill of a forensic accountant. In this article, we set out the key areas of critique, how we approach them and three things to focus on.
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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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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We provide expert advice for all M&A taxation aspects to ensure you meet all obligations and are optimally positioned.
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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.
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Bridging the funding gap for Biotechs
Navigating the funding landscape can be tricky for biotech companies at all stages, from initial research and clinical trials to scaling up capabilities. Our recent roundtable discussions with over 90 Biotech CEOs, held in partnership with AusBiotech, shed light on the challenges and opportunities shaping the industry.
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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As corporate finance specialists, Grant Thornton can help you with raising equity, listings, corporate structuring and compliance.
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Our credit advisory services team works provides clients with credit management assistance and credit advice to recapture otherwise lost value.
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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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The 2023 outlook: Insolvencies and distressed M&A
We’ve made it to the other side of COVID-19, but what does this mean for businesses feeling significant headwind on the horizon post-pandemic?
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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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A treasure hunt: the process of tracing assets
Asset tracing is a process whereby forensic accountants and investigators ‘follow the money’ by locating assets of value to an individual or company that have been misappropriated.
Asset tracing is usually undertaken for the purposes of recovery, often as part of formal insolvency processes or in support of ongoing litigation or fraud investigations. It involves a complex analysis to identify assets and the flow of funds, requiring a combined skillset of forensic accounting, investigation and technology. Engaging forensic accountants specialising in asset tracing can make a substantial difference in what misappropriated assets are recovered and exactly how much.
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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We provide company secretarial services and expert advice for private businesses on all company secretarial matters.
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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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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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We help you build comprehensive management reporting so that you have key insights as your business grows and changes.
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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.
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Our team of experts provide ATO audit support across the whole process to ensure ATO requirements are met.
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Our family business consulting team works with family businesses on running their businesses for continued future success.
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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.
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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Trends shaping financial leadership in 2024
In the dynamic world of business, Chief Financial Officers (CFOs) play a pivotal role in steering organisations towards financial success. Their responsibilities extend far beyond traditional financial management, encompassing strategic decision-making, risk assessment, and now more than ever – technological adaptation. As we delve into 2024, the challenges and opportunities facing CFOs have evolved, encouraging them to embrace a new era of financial leadership.
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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Our management consulting services team helps you to plan and implement the right strategy to deliver sustainable growth.
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We provide financial consulting services to keep your business running so you focus on your clients and reaching strategic goals.
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The significance of shareholder agreements in professional services firms
Learn why shareholder agreements are essential for governance, continuity, and protection. Explore key issues and benefits for business owners and partners.
We take a full view of Indigenous-specific requirements and optimisation opportunities available to businesses.
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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New privacy laws - tougher penalties and more enforcement
The Australian Federal Government has passed major changes to the Privacy Act 1988 (Cth) in the form of the Privacy Legislation Amendment (Enforcement and Other Measures) Bill 2022. These changes signal a call to action for organisations to review their privacy, security, and information handling practices.
Supporting the growth of ‘Australian Made’ in today’s markets
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Insight Identify your opportunities in the complex landscape of fuel tax creditsThe landscape of fuel tax credits (FTC) is constantly evolving due to ongoing economic and technological developments. This dynamic environment presents both challenges and opportunities for businesses with significant fuel consumption.
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Client Alert March 2024 Update: NSW Grants for Net Zero Manufacturing and Physical SciencesSome major NSW grant programs have been announced, supporting projects in clean technology innovation, low carbon product manufacturing, renewable manufacturing and physical sciences.
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Insight Navigating a complex Agribusiness, Food and Beverage deals landscape in 2024Despite a 14% global decline in Agribusiness, Food, and Beverage M&A deals, 2024 shows promise with expected global interest rate stabilisation. Given the sector's role in global sustainability, businesses can tap into opportunities in food manufacturing and waste minimisation.
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Client Alert Grants: February 2024Businesses should be aware of the numerous grant opportunities available from Commonwealth, State, and private sources. These grants could be the key to making manufacturing, agriculture, and green economy projects a reality.
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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On track for innovation and growth
Supporting the growth of the innovators, the IP generators and the job creators
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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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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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The evolving role of finance teams in today’s business landscape
Finance teams are essential to decision-making, planning, and growth in any organisation. And as the business landscape changes, the finance function evolves. That's why it's important to recognise and embrace the growing importance of technology, collaboration, sustainability, and risk management in today's finance functions.
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The Treasurer Tim Pallas delivered Victoria’s 2019-2020 State Budget on Monday 27 May 2019. The Budget aims on delivering in all key sectors to meet the state’s growing needs (including better healthcare and education systems, as well as a more reliable road and rail transport system).
While the Budget included a number of revenue changes, the Victorian Government seems to have taken the opportunity to make additional duties changes which are set out in the State Taxation Acts Amendment Bill 2019 (Vic) (“Bill”) tabled in Parliament today. More on those changes below, including some early insights and observations.
State of the Victorian economy
- In 2017-18, Victoria’s economy grew by 3.5%, exceeding Australia’s national economic growth of 2.8%.
- In 2019-20, the Government’s infrastructure investment will reach $14.2 billion, averaging $13.4 billion a year over the Budget and forward estimates period.
- With a focus on building local and hiring local, the Government claims that its infrastructure agenda has ensured more than 115,000 jobs for Victorians.
- Despite the revenue write-downs, the Budget produces an operating surplus of $1 billion, with surpluses averaging $3.4 billion a year over the forward estimates period.
- Net debt to gross state product will be stabilised at 12% over the medium term.
- The AAA credit rating from both Standard & Poor’s and Moody’s will be retained.
Road, Rail and Infrastructure
- The Suburban Transport Blitz will fund $27.4 billion towards suburban infrastructure. This includes funding for the North East Link, removing dangerous and congested level crossings across Victoria and upgrades to the public transport network.
- The Budget dedicates $2.6 billion to focus on the needs of Victoria’s regional communities, and with a view to adding approximately 4,500 jobs throughout the state.
- The Government will be investing $1.3 billion over the next 10 years to expand Solar Homes, on top of the $74 million already provided. This includes offering rebates for the cost of solar panels, solar hot water systems or battery storage for 770,000 homes around Victoria over the next decade. The program has been expanded to renters, and funding will be provided for training, safety and quality audits to ensure the safety and sustainability of the rollout.
Payroll Tax Changes
- Payroll tax-free threshold to be increased from $650,000 to $700,000 by 2022-23 (through incremental increases of $25,000 in 2021-22 and 2022-2023). The Government estimates that this will reduce the number of businesses paying payroll tax from the current 38,000 by around 700 in 2021-22 and a further 700 in 2022-23.
- The regional payroll tax rate will also be cut from 50% to 25% of the metropolitan rate by 2022-23 alongside with expanded eligibility for concession.
- The regional payroll tax rate paid by eligible businesses will be reduced to 1.2125%, or 25% of the metropolitan rate, by 2022-23.
- From 1 July 2019, the eligibility rules for the regional rate will be simplified by removing the ‘business location test’, which required an employer to have their registered business address in regional Victoria.
- From 1 July 2019, the payroll tax exemption for wages paid to employees on maternity leave will be extended to all types of parental leave. The exemption will apply for up to 14 weeks of wages paid to employees taking parental leave.
- We anticipate that many mid-sized businesses will be beneficiaries of these changes.
Duties Changes
- $5.2b in stamp duty revenue has been written off since last year’s Budget.
Corporate reconstruction exemptions
- From 1 July 2019, corporate reconstruction exemptions will be replaced with a 90% concession on the duty otherwise payable (there is currently a 100% exemption available which is consistent with every other jurisdiction).
- Corporate reconstructions assist many organisations to structure their business affairs in the most effective and efficient manner, which ultimately drives revenue and profit.
- A duty impost can often prevent organisations from achieving these worthwhile objectives.
- The Bill runs counter to a number of these efficiencies by requiring payment of 10% of the duty otherwise payable. That may not sound a lot, but when coupled with valuation costs (which we expect will be required to calculate the minimal amount of duty), we foresee that groups might simply choose not to restructure, and therefore maintain less than optimum structures.
- In contrast, the post association period of 3 years will be removed and for multi-step restructures (common for global corporate groups), duty will only be payable once if the steps are completed within 30 days. Interestingly, this measure seems to take the opposite approach to Western Australia, which is in the midst of re-introducing a 3 year post association period.
Additional duty for foreign purchasers
- Additional duty for foreign purchasers will increase from 7% to 8% on contracts entered into on or after 1 July 2019, which aligns with New South Wales (which is incidentally the only jurisdiction with that high rate). As such it appears our comments on the Tasmanian Budget to bring their rate to 7% (to align with other jurisdictions) will now soon have Victoria as an exception to the 7% rate as well.
Duty concession on a transfer of regional commercial and industrial land
- A duty concession on a transfer of regional commercial and industrial land is to be introduced, being an initial discount of 10% from 1 July 2019, rising by an additional 10% discount from each following 1 July, to a 50% concession from 1 July 2023.
- The concession does not appear to be replicated under landholder duty, and so care might need to be taken as to how the land is acquired to access the concession.
- A condition for the reduction is that the land is used for a qualifying use for a continuous 12 month period in the first 2 years unless extended by the Commissioner.
Motor vehicle duty
- Motor vehicle duty is currently charged at 5.2% for new luxury passenger vehicles (above the luxury car tax threshold, which is currently $66,331) and 4.2% for other passenger vehicles. The rates are proposed to change from 1 July 2019 as follows (also bringing used cars into the luxury car net):
- Cars valued between the luxury car tax threshold and $100,000 will be 5.2%.
- Cars valued between $100,000 and $150,000 will be 7%.
- Cars valued more than $150,000 will be 9%.
- All “green” cars (with carbon dioxide emissions less than 120g/km) and cars used by farmers in the business of primary production will be charged a rate of 4.2%.
- A new exemption is also to be introduced licensed traders for motor vehicles used by customers while their car is being serviced, which brings it into line with new and demonstrator vehicles.
Transfer of tenant’s fixtures
- The Bill also seeks to bring a transfer of tenant’s fixtures (which now includes things merely “fixed to land”) to duty if the unencumbered value of the “fixtures” exceeds $2m, with a phasing in of duty up to $3m.
- Currently, a transfer of a business coupled with a lease which does not fall within the ambit of the Victorian lease provisions (such as a common retail or commercial lease) is not subject to duty at all in Victoria.
- This change could bring ordinary commercial business sales to duty in Victoria for the first time. If this is the case, many more businesses could be caught under the Victorian landholder provisions, which currently provide for wide concessions and exemptions for business which hold ordinary commercial leases.
- Some early guidance from the State Revenue Office would be welcome in this regard.
“Economic entitlement”
- The concept of an “economic entitlement”, a concept unique to Victoria, is to be moved from landholder duty to transfer duty, with an “economic entitlement” taken to be a land holding for the purposes of landholder duty.
- However, there are some differences.
- While we are working through what these differences might mean in practice, property developments and associated financing should be reviewed carefully in the light of this change.
Changes to Land Tax
- From 1 January 2020, the absentee owner surcharge for foreign investors will be increased from 1.5% to 2%.
- While the Government suggests that simply aligns with New South Wales, New South Wales only imposes a surcharge on residential land, and not all taxable land like Victoria (which is the only jurisdiction to do so).
- A land tax exemption for vacant land that is adjacent to a principal place of residence in metropolitan Melbourne will be abolished from 1 January 2020.
- For land that is genuinely part of an owner’s main residence, the Government suggests that titles can be consolidated so as not to be affected by the new changes.
- However, that does require action from the land owner, together with incurring the transaction costs to manage the relevant land applications and adviser costs.
Other Changes
- The Government will broaden the royalties regime and will introduce a 2.75% gold royalty on the net market value of gold production from 1 January 2020, which is expected to generate $56 million. Small miners will be exempt from this royalty.