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Insight
How not-for-profit organisations can shift from ‘survival mode’ into sustainability
We saw COVID threaten the sustainability for many not-for-profit (NFP) organisations, forcing some to make operational changes or to shut their doors, and others to adapt and drive innovation to achieve their mission. But what does it mean to be a sustainable NFP, and how do these organisations then remain sustainable for years to come?
Client Alert
Electric car FBT exemption expected to soon become reality
Many people are getting excited about the Government’s pre-election promise to exempt electric cars from Fringe Benefits Tax (FBT) as of 1 July 2022. But before you rush to order your new vehicle, there are a few considerations for you to take into account. While this measure is expected to take effect shortly, there is no legislation for this yet – not even in draft – and parliament’s next sitting days have not been announced. This means any new legislation will no doubt need to be retrospective to have effect from 1 July 2022.
Client alert
Three weeks remaining for Queensland builders to comply with QBCC's Minimum Financial Reporting Requirements
With only 3 weeks remaining in the financial year, builders should immediately test their compliance with the Queensland Building and Construction Commission’s (QBCC) Minimum Financial Reporting Requirements (MFR) to ensure there is enough time to rectify any deficiencies before FY22/23 year end.
Insight
Implications of Division 7A on family settlements
Hearing the words ‘Division 7A’ is often accompanied with a twinge of anxiety – and for good reason. This area of tax legislation is incredibly complex, and for family businesses, Division 7A can be a particularly difficult concept to navigate.
Insight
Tax in M&A: M&A transactions and employer obligations – the perfect storm
There have been pressure systems gathering momentum along two fronts. Whilst they have largely gone unnoticed by many in the industry, collisions between the two have occurred and left some casualties in the M&A space. Previously, it was regarded by many deal-makers that employer obligations were quite low in risk. However, multiple enforcement agencies are focusing on unpaid employee entitlements and contract hire labour. The uptick in compliance activity has coincided with growth in the M&A space, leading many to believe there are huge levels of unquantified risk in the market – often not covered by warranty and indemnity insurance.
Dealtracker
Agribusiness, Food & Beverage Bite Size Dealtracker 2021
Despite numerous lockdowns throughout the COVID-19 pandemic, the essential nature of the Agribusiness, Food & Beverage sector has seen diversification and growth opportunities for many of the market participants.
Client alert
Can your business leverage the Small Business Restructure process to clean up old debt?
As the economy continues to battle ongoing waves of COVID-19, businesses who are struggling to pay legacy debts may be left wondering what their future might look like.
Client alert
ATO puts up to 50,000 taxpayers on alert for looming Director Penalty Notices
On 28 March, the ATO sent its strongest message on debt enforcement since the COVID-19 pandemic commenced, advising that it is now issuing letters to taxpayers informing them about their potential personal liability for company tax debts under the Director Penalty Notice (DPN) programme.
Business services Home
- Business planning & strategy
- Private business company secretarial services
- Outsourced accounting services
- Superannuation and SMSF
- Management reporting
- Financial reporting
- Forecasting & budgeting
- ATO audit support
- Family business consulting
- Private business taxation and structuring
- Outsourced CFO services
Insight
Top 5 issues for CFOs in 2022
Living through the pandemic has delivered a clear reminder that some things are simply beyond our forecasting or our control. That’s the kind of wildcard CFOs can do without! CFOs are in the box seat with a once-in-a-career opportunity to create a whole new – and ideally improved – business ‘normal’ by considering talent, digital transformation, cyber resilience, post-pandemic growth, diversity and inclusion.
Agribusiness, Food & Beverage Home
CLIENT ALERT
$2bn Breakthrough Victoria Fund, now investing in research, technology and innovation
The $2bn Breakthrough Victoria Fund will consider a range of investments from $500,000 to $30 million for projects across four funding streams, with a flexible approach to investment depending on the opportunity. A wide range of businesses, research organisations, universities, joint venture and consortia are encouraged to apply.
Energy & Resources Home
Guidebook
A guide to transition from exploration to development and production
A deep dive into the accounting, tax and finance implications as you transition from exploration through development and ultimately, production.
Financial Services Home
Insight
Holding banking to account: the real diversity and inclusion picture
We discussed some of the key findings of our Women in Business research with female industry leaders across our global Grant Thornton network, exploring how the banking sector can keep the momentum going to attract, retain and nurture women to build a more inclusive future.
Health & Aged Care Home
CLIENT ALERT
$2bn Breakthrough Victoria Fund, now investing in research, technology and innovation
The $2bn Breakthrough Victoria Fund will consider a range of investments from $500,000 to $30 million for projects across four funding streams, with a flexible approach to investment depending on the opportunity. A wide range of businesses, research organisations, universities, joint venture and consortia are encouraged to apply.
Manufacturing Home
Insight
Investment into innovation encouraging stability in manufacturing
Australian manufacturers have been through difficult times, particularly with the shutdown of the automotive industry, but remaining businesses are proving to be agile and resilient having already battled through lots of challenges. In addition, the accelerating pace of new technologies being introduced, combined with COVID-19 disruption and the Government’s substantial industry support, many manufacturing business models have been fundamentally challenged for the better.
Not for Profit Home
Insight
How not-for-profit organisations can shift from ‘survival mode’ into sustainability
We saw COVID threaten the sustainability for many not-for-profit (NFP) organisations, forcing some to make operational changes or to shut their doors, and others to adapt and drive innovation to achieve their mission. But what does it mean to be a sustainable NFP, and how do these organisations then remain sustainable for years to come?
Professional Services Home
Client alert
Professional services – is it time for our Owner’s Room?
Professional service firms have experienced growth and increased profitability over the last two years. The issue of succession – promoting, attracting and managing the retirement of equity participants – has never been more challenging.
Real Estate & Construction Home
Client Alert
GST and changes in use of residential premises
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.
Retail & Consumer Products Home
We are Retail
We are Retail
Our senior people have worked in retail for 25 years. That’s 25 years of experience helping some of Australia’s largest and most important businesses to be more successful. Put simply, we implement solutions that grow businesses, and our work makes a positive and profound impact on the lives of millions of people around Australia.
Technology, Media & Telecommunications Home
Client alert
Digital Games Tax Offset
Income Tax Assessment Amendment (Digital Games Tax Offset) Bill 2021: Measure for Consultation
Grant Thornton has developed the financial reporting factsheets listed below for CPA Australia, providing a high level overview of the requirements set out in International Financial Reporting Standards (IFRS).
In addition to including requirements in IFRS that are used as the basis for Australian Accounting Standards (AAS) issued by the Australian Accounting Standards Board (AASB), the factsheets also include Australian specific requirements included in AAS.
These factsheets also cover Australian specific AAS that have been developed and issued by the AASB to deal with Australian specific financial reporting requirements not addressed through the IFRS framework. The factsheets reflect requirements in IFRS and AAS as at 31 December 2015.
- IAS 1 / AASB 101 Presentation of Financial Statements
- IAS 2 / AASB 102 Inventories
- IAS 7 / AASB 107 Statement of Cash Flows
- IAS 8 / AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors
- IAS 10 / AASB 110 Events after the Reporting Period
- IAS 11 / AASB 111 Construction Contracts
- IAS 12 / AASB 112 Income Taxes
- IAS 16 / AASB 116 Property, Plant and Equipment
- IAS 17 / AASB 117 Leases
- IAS 18 / AASB 118 Revenue
- IAS 19 / AASB 119 Employee Benefits
- IAS 20 / AASB 120 Accounting for Government Grants and Disclosure of Government Assistance
- IAS 21 / AASB 121 The Effects of Changes in Foreign Exchange Rates
- IAS 23 / AASB 123 Borrowing Costs
- IAS 24 / AASB 124 Related Party Disclosures
- IAS 27 / AASB 127 Separate Financial Statements
- IAS 28 / AASB 128 Investments in Associates and Joint ventures
- IAS 29 / AASB 129 Financial Reporting in Hyperinflationary Economies
- IAS 32 / AASB 132 Financial instruments: Presentation
- IAS 33 / AASB 133 Earnings per Share
- IAS 34 / AASB 134 Interim Financial Reporting
- IAS 36 / AASB 136 Impairment of Assets
- IAS 37 / AASB 137 Provisions, Contingent Liabilities and Contingent Assets
- IAS 38 / AASB 138 Intangible Assets
- IAS 39 / AASB 139 Financial Instruments: Recognition and Measurement
- IAS 40 / AASB 140 Investment Property
- IAS 41 / AASB 141 Agriculture
- IFRS 1 / AASB 1 First-time Adoption of International Financial Reporting Standards
- IFRS 2 / AASB 2 Share-based Payment
- IFRS 3 / AASB 3 Business Combinations
- IFRS 4 / AASB 4 Insurance Contracts
- IFRS 5 / AASB 5 Non-current Assets Held for Sale and Discontinued Operations
- IFRS 6 / AASB 6 Exploration for and Evaluation of Mineral Resources
- IFRS 7 / AASB 7 Financial Instruments: Disclosures
- IFRS 8 / AASB 8 Operating Segments
- IFRS 9 / AASB 9 Financial Instruments
- IFRS 10 / AASB 10 Consolidated Financial Statements
- IFRS 11 / AASB 11 Joint Arrangements
- IFRS 12 / AASB 12 Disclosure of Interest in Other Entities
- IFRS 13 / AASB 13 Fair Value Measurement
- IFRS 14 / AASB 14 Regulatory Deferral Accounts
- IFRS 15 / AASB 15 Revenue from Contracts with Customers
- AASB 1004 Contributions
- AASB 1023 General Insurance Contracts
- AASB 1038 Life Insurance Contracts
- AASB 1039 Concise Financial Reports
- AASB 1048 Interpretation of Standards
- AASB 1049 Whole of Government and General Government Sector Financial Reporting
- AASB 1050 Administered Items
- AASB 1051 Land Under Roads
- AASB 1052 Disaggregated Disclosures
- AASB 1053 Application of Tiers of Australian Accounting Standards
- AASB 1054 Australian Additional Disclosures
- AASB 1055 Budgetary Reporting
- AASB 1056 Superannuation Entities
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