Business consulting services
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
Business process solutions
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
Business risk services
The relationship between a company and its auditor has changed. Organisations must understand and manage risk and seek an appropriate balance between risk and opportunities.
As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
Forensic and investigation services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
Mergers and acquisitions
Globalisation and company growth ambitions are driving an increase in M&A activity worldwide. We work with entrepreneurial businesses in the mid-market to help them assess the true commercial potential of their planned acquisition and understand how the purchase might serve their longer- term strategic goals.
Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery
Transactional advisory services
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
The International Financial Reporting Standards (IFRS) are a set of global accounting standards developed by the International Accounting Standards Board (IASB) for the preparation of public company financial statements. At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting from IFRS 1 to IFRS 17 and IAS 1 to IAS 41.
Audit quality monitoring
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
Global audit technology
We apply our global audit methodology through an integrated set of software tools known as the Voyager suite.
Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
Indirect international tax
Using our finely tuned local knowledge, teams from our global organisation of member firms help you understand and comply with often complex and time-consuming regulations.
Innovation and investment incentives
Dynamic businesses must continually innovate to maintain competitiveness, evolve and grow. Valuable tax reliefs are available to support innovative activities, irrespective of your tax profile.
Private client services
Our solutions include dealing with emigration and tax mitigation on the income and capital growth of overseas assets.
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
Tax policies are constantly evolving and there are a number of complex changes on the horizon that could significantly affect your business.
Indirect tax snapshot
Please click on each section to expand further:
GST is a tax on final consumption in Australia.
The GST is calculated at the rate of 10% of the GST-exclusive price of the goods and services provided.
Where GST does not apply because the supply is either GST- free or input taxed, a rate of 0% applies. The following table provides some examples of GST-free and input taxed supplies.
|GST-free supplies||Input taxed supplies|
Water and sewerage
The following table summarises the types of supplies and related GST treatment.
Recoverability of GST credits on related acquisitions
|Taxable||Consulting services to a firm in Australia||GST charged
|Full recoverability of GST credits on creditable acquisitions|
to a firm outside of
Australia for application
|Full recoverability of GST credits on creditable acquisitions outside Australia|
Supply of loan
|No GST applied||No recoverability of GST credits on creditable acquisitions (there may be a partial recovery in certain circumstances)|
An entity that is carrying on an enterprise, whose current or projected annual turnover is AUD 75,000 or more (excluding GST).
Non-profit bodies are not required to be registered unless their current or projected annual turnover is AUD 150,000 or more (excl. GST).
Taxi operators are required to be registered regardless of their annual turnover.
Voluntary registration is available for domestic and overseas companies.
Yes. Non-resident entities that make supplies that are connected with Australia are required to register if the registration turnover threshold is met. A non-resident enterprise is required to be registered if its GST turnover is at or above 75,000 AUSD.
GST applies to sales of imported services and digital products to Australian consumers. Offshore supplies will have a GST liability if they meet the GST registration threshold of AUD 75,000. Examples of digital products include the streaming/ downloading of music, movies, games, apps, and e-books. Examples of imported services include consultancy, educational, and professional services (e.g. legal services).
On 1 July 2018, the previous low value goods (AUD 1,000 or less) threshold for importation was abolished. Goods supplied by offshore retailers to Australian consumers will now be taxable. Offshore suppliers will have a GST liability if they meet the GST registration threshold of AUD 75,000.
If a supply is made through an Electronic Distribution Platform (EDP), the GST liability on the supply will generally shift from the supplier to the platform operator. An EDP includes, for example, an App store or an online marketplace (eg Amazon, eBay). An offshore entity that makes supplies to Australian consumers solely through an EDP may not be required to register for GST if the EDP accounts for and remits the GST on these supplies.
Where an offshore entity meets the GST registration threshold, has the option to access a limited GST registration system.
Under this simplified system, the entity will not be entitled to an Australian Business Number, must account for GST quarterly, will have no requirement to issue tax invoices, and will not be entitled to claim input tax credits back. An offshore entity may still choose to register under the full registration system.
A Business Activity Statement (BAS) is required to be lodged by a registered entity to the Australian Taxation Office (ATO) to record its GST and other tax liabilities.
An entity must either lodge its BAS on a monthly or quarterly basis. Generally, most small businesses lodge their BASs on a quarterly basis. However, an entity must lodge its BAS monthly if its annual turnover is more than AUD 20 million or it has chosen to lodge monthly.
An entity with a monthly tax period must lodge its BAS by the 21st day of the month following the end of the tax period. In the case of entities with quarterly tax periods, the BAS must be lodged by the dates shown in the following table:
If this day falls within the quarterly tax periods
|Lodge the BAS on or before this date|
|1 September||The following 28 October|
|1 December||The following 28 February|
|1 March||The following 28 April|
|1 June||The following 28 July|
Taxpayers who fail to meet their tax obligations may be liable for penalties and interest charges. When the ATO finds an error or omission, they take into account the circumstances of the individual, including their compliance history, when deciding what action to take, particularly for any penalties or possible prosecution action. Relevant circumstances include the reasons for the discrepancy or failure to meet a tax obligation and how well the taxpayer has complied with their tax obligations in the past.
A penalty is an amount that is calculated using either a statutory formula or in multiples of a penalty unit.
The types of penalty which apply can be administrative, civil or criminal. Civil and criminal penalties are imposed by courts and administrative penalties are imposed without the need for court action.
Interest charges apply to unpaid amounts, such as shortfall amounts, late payments and tax debts. Interest charges apply whether or not a penalty applies. Having interest charges applied to a shortfall amount does not depend upon, or imply, dishonesty on the taxpayers’ behalf.
Yes. A range of penalties can be imposed where businesses do not comply with the GST rules.
Civil penalties and interest can be applied for errors and omissions made on tax returns, or where the tax is paid late. Penalties can also be applied where the business has failed to maintain adequate records, provide information (including additional declarations), or makes repeated mistakes.
Criminal proceedings may be brought in the case of more serious matters.
No. A company must be registered for GST before it is entitled to any input tax credits.
A GST invoice must show:
- the supplier’s identity and Australian Business Number (ABN)
- the recipient’s identity or the recipient’s ABN – if the total price of the supply or supplies is at least $1,000 or such higher amounts as the regulations specify, or if the document was issued by the recipient
- what is supplied, including the quantity (if applicable) and the price of what is supplied
- the extent to which each supply, to which the document relates, is a taxable supply
- the date the document is issued
- the amount of GST (if any) payable in relation to each supply to which the document relates
- if the document was issued by the recipient and GST is payable in relation to any supply – that the GST is payable by the supplier.
For further information on indirect tax in Australia please contact: