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.
It is a challenging time for many; from a cost-of-living crisis and global political uncertainty, to lingering stress post pandemic. Coupled with business control weaknesses or vulnerabilities, these pressures can create the perfect storm for financial crime to occur.
We help clients understand and address their employment tax obligations to ensure compliance and optimal tax positioning for their business and employees.
Stay informed about key updates impacting payroll and employment taxes, including the end of the FBT exemption for plug-in hybrid electric vehicles, new pay-day superannuation rules, and FBT year-end compliance tips. Learn how to navigate these changes effectively.
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.
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...
Our team advises at all stages of a litigation dispute, taking an independent view while gathering and reviewing evidence and contributing to expert reports.
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.
Our operational deal services team helps to ensure the greatest possible outcome and value is gained through post merger integration or post acquisition integration.
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.
Our finance and funding team works to access sources of finance, present your case to potential funders and negotiate a long-term sustainable relationship.
We provide effective and strategic corporate finance services across all stages of investments and transactions so clients can better manage costs and maximise returns.
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.
Our proven methodology identifies opportunities to improve your processes and optimise working capital, and we work with to implement changes and monitor their effectiveness.
Merger & Acquisition (M&A) and equity market activity in the Agribusiness, Food & Beverage (Ag, F&B) sector is undergoing a strategic shift, as investors have become more selective and increasingly cautious in response to global economic uncertainty.
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.
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 improve commercial performance, profitability and address challenges after internal or external triggers require a major business model shift.
We provide strategic director advisory services in times of business distress to help directors navigate issues and protect their company and themselves from liability.
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.
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...
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...
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.
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.
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.
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.
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.
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.
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.
Merger & Acquisition (M&A) and equity market activity in the Agribusiness, Food & Beverage (Ag, F&B) sector is undergoing a strategic shift, as investors have become more selective and increasingly cautious in response to global economic uncertainty.
If government grants are part of your 2025 strategy, take note of the available quarter one funding opportunities. With increasing inflationary pressures, government grants can be an essential alternative funding source for businesses with critical investment projects.
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.
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...
If government grants are part of your 2025 strategy, take note of the available quarter one funding opportunities. With increasing inflationary pressures, government grants can be an essential alternative funding source for businesses with critical investment projects.
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.
At Grant Thornton, we strive to create a culture of continuous learning and growth. Throughout every stage of your career, you’ll to be encouraged and supported to seize opportunities and reach your full potential.
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As a new graduate, we aim to provide you more than just your ‘traditional’ graduate program; instead we kick start your career as an Associate and support you to turn theory into practice.
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.
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 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.
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 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.
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.
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.
In a move to encourage property investors to make their homes available for long term rentals, the Short Stay Levy Act 2024 will come into effect on 1 January 2025, imposing a levy on the booking fees paid for short stays on Victorian properties.
Tasmanian Treasurer Michael Ferguson delivered his third state budget on Thursday 12 September 2024, concentrating on cost-of-living, health, and housing for Tasmanians. It’s the first budget since this year’s state election in March.
The Victorian Supreme Court of Appeal has confirmed the Commissioner’s assessment of stamp duty on an ‘arrangement’ involving the acquisition of shares by unrelated investors in a land holding SPV.
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