Grant Thornton Australia

COVID-19 fast-tracked flexible work practices that are now the norm, enabling employees to achieve a work-life balance. These policies – initially adopted as a necessity in the face of the global pandemic – can now be seen as part of an ESG strategy for employers. While remote work poses some challenges in terms of social connectivity, it is clear that it’s now the future of work. Flexible working mainly relates to the ‘social’ aspect of ESG, but what about the environmental and governance aspects that can be integrated into employment solutions?

The Modern Slavery Index 2023 estimated that in 2021 there were 41,000 people living in a form of slavery throughout Australia. It also found that imported products such as electronics, garments, solar panels, textiles and fish were most at-risk of involving modern slavery. While Australia is one of the least vulnerable countries when it comes to modern slavery in business supply chains, there are still business practices putting the vulnerable at risk of exploitation. So, what does modern slavery mean in the context of supply chains, and how can companies ensure they’re not passively taking part in such exploitation?

The business world is becoming more complex with increased focus on governance, risk and reporting; a steady flow of change to taxation and superannuation; and uncertainty due to economic movement – so how does an internal finance function steer through these times? With rapid change comes challenges, which is why it’s critical businesses are nimble and can adapt quickly. So how can internal finance functions navigate the business landscape to ensure they’re on top of all finance requirements? 

With a growing demand for organisations to provide transparency on their commitment to sustainability and disclosure of the non-financial impacts of their business activities, it’s more important than ever to be informed about the latest ESG requirements. While we often hear about the environmental component of ESG, the term is also used to describe a business’ social and governance frameworks. So, what does this all mean, and who is responsible for making sure reporting requirements are met in this evolving landscape?

Businesses often encounter growth opportunities that exceed their immediate capital resources and this is where attracting external funding can be pivotal. Whether it's funding a specific project or seeking longer term strategic investment, there are options available to help businesses capitalise on future growth. So, with the current economic and commercial uncertainty for some businesses, what are the considerations that businesses should make if they are looking to attract external funding?

While the TV series Succession has captured audiences for its dramatic storyline, themes explored through the show reflect what families can face when it comes to growing and maintaining wealth through the generations. So how can Family Offices be successful in growing wealth from generation to generation? The upcoming new financial year is an ideal time to assess wealth strategy and consider aspects such as structure, strategic goals and appointing an Enduring Power of Attorney for future success.

In October 2022, the Labor Government delivered its interim Budget. Since then, we’ve seen interest rates and cost of living increase, with many Australian businesses and individuals feeling the pinch. In the lead up to the May Budget, we’ve seen changes to superannuation, and speculation of changes to Capital Gains Tax, as well as an increased focus on multinational tax transparency. So how did the Federal Government allocate budgetary spending this year, and is it enough to alleviate pressure on business and bypass a recession? 

The goal of the research and development sector is to encourage new ways of thinking, boost the Australian economy and scale business internationally. While the Government has allocated spending through incentives such as EDMG, NRF, and the R&D tax incentive, should there be stronger focus and support this Federal Budget to bolster a more sustainable economy through investment in future capabilities?

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? In the lead up to the release of our M&A DealTracker Report, our latest episode in the Navigating the New Normal podcast series will give you a taste for where we’re headed in the world of insolvencies and distressed M&A.

Proposed changes to land tax in Queensland were met with a great deal of resistance across the state, and nation. Heading south, New South Wales took its first steps to move away from stamp duty to a broad-based property tax. The big change yet to be seen in Victoria is the commencement of the windfalls gains tax. With one deferral already, and the past revealing that taxes can be scrapped after being legislated, will it proceed as planned? In this podcast, Kristina Popova, State Taxes Partner discusses some of the significant stamp duty and state tax changes we’ve seen this year across the country and what we may see in the New Year.

Given the rise of cyberattacks of late, cyber security should be the number one issue for Australian businesses – cyber security and data protection has truly never been more important. But do Boards and Company Directors really understand the importance of being cyber aware, and the controls they should have in place to combat risks in their business? In this episode Matthew Green, Partner and Controls Assurance Specialist and Chris Watson, Partner and previously a Detective in the Computer Crime Unit City of London Police discuss why Boards and Directors should be interested in cyber security now more than ever, whether these criminals are ever prosecuted, and new technologies that companies should have on their radar to mitigate cyber-related crimes in the future.

This year we saw tightening cost of living pressures, rising inflation and high interest rates, alongside a possible global recession – all in the first six months since Labor gained office. A new Government sets the tone for its leadership through its first Budget. So, with the significant interest on debt and the NDIS to fund – among other things – how did Labor fare?  In this special Federal Budget edition of Navigating the New Normal, hear from Journalist Hugh Riminton, Chief Economist Besa Deda, and Grant Thornton Partner, Paul Gooley at our virtual seminar, as they discuss the Budget spending and how the allocations will impact Australian businesses.

In this podcast, Thomas Isbell, partner and global mobility and international employment tax specialist and Matt Darby, partner and National Head of Retail and Consumer Products industry at Grant Thornton discuss the outcomes of the Jobs and Skills Summit, including the skilled migration scheme, sentiments in the retail sector, and the future of work in Australia.  

In our podcast, Peter Hills, remuneration taxes partner at Grant Thornton and Laurie Wood, Managing Director at HRAscent discuss what they are seeing play out in Australia when it comes to Employee Share Schemes. From non-cash remuneration, to how businesses can use employee share schemes to manage overall costs, employee share schemes can be a competitive advantage.

The New South Wales State Government has been busy with tax reform this year – from the raft of state taxation amendments commencing in May, to the first steps to abolish stamp duty introduced as part of their state budget last week. So what does this all mean for homeowners, taxpayers, advisers – and the state?

In this podcast, Partners in our Private Business Tax & Advisory team Kirsten Taylor-Martin and Simon Gow discuss the key reasons – and minimum requirements – for setting up a Family Office, the importance of a shared family vision, pitfalls or traps that come with family wealth, Family Office devices like family banks, financial education and philanthropic programs, and famous historical families that would have benefitted from a well-managed Family Office.

In this podcast, Tax Partners Michael Catterall and Lorena Sosa discuss aspects Australian businesses should consider when exploring new international markets, including operations and logistics, strategy planning, customs and duties, and tax complexities.

In this podcast, partners Jacky Millership and Sandie Boswell unpack what we’ve seen so far from the Modern Manufacturing Strategy and innovation support more broadly. With countries around the world aggressively investing in innovation, we need a bold and entrepreneurial approach to compete – so what can we expect from the 2022 Federal Budget – and what do we want?

In our podcast, Kirsten Taylor-Martin, Private Advisory Partner at Grant Thornton, and Olivia Hitchens, Principal at Hitchens Advisory, discuss what businesses should be doing now to prepare themselves for the months ahead. From pre-Christmas spending sprees, to the legal and financial considerations and expectations leaders must navigate, they discuss tips for businesses as we make our way through this new post-lockdown world.

In our podcast, Tax Partners Vince Tropiano and Brett Curtis discuss what the global minimum corporate tax rate agreement means for Australian businesses, how businesses can prepare themselves, and what to consider if you’re setting up operations offshore.