Beyond the Numbers with Grant Thornton

In the lead-up to an election year, the Labor Government faces the task of easing cost-of-living pressures for Australians who are feeling the financial strain. While we’ve already witnessed significant announcements, such as HECs reforms, payments for trainee teachers, nurses, and social workers during university placements, and the allocation of $167.8m for Tranche 2 Anti-Money Laundering regulations, there’s more to address. So, what else did the Federal Government allocate spending to this year and how will it assist Australian businesses? 🎧Follow Beyond the Numbers on Apple Podcasts or Spotify Jared Grima's LinkedIn Hugh Riminton's LinkedIn Besa Deda's LinkedIn

In 2023 Australia began implementing Tranche 2 of its AML and CTF reforms – part of the government’s plan to align Australia’s AML regime with international standards. The reforms have far-reaching implications for Lawyers, Accountants, and Real Estate Professionals, who will be required to take a more active role in deterring money laundering and terrorist financing. So, what’s the status of the reforms, and is Australia potentially falling behind its global counterparts? 🎧Follow Beyond the Numbers on Apple Podcasts or Spotify 🗒️Neil Jeans' LinkedIn

Victoria’s property market is dynamic. With the recent announcement for changes in stamp duty on commercial and industrial properties, it will make the current landscape more complex. So, what’s been the reaction to the proposal, and how should potential buyers or owners of commercial and industrial properties navigate this proposed change? 🎧Follow Beyond the Numbers on Apple Podcasts or Spotify 🗒️Kristina Popova's LinkedIn 🗒️Bei Bei Han's LinkedIn

‘Option ready’ refers to a firm being able to choose which strategic option they want to pursue – whether it be continuing to enjoy equity returns, fund expansion of their business, bring new equity participants in or consider a merger opportunity. Beyond these characteristics, cultural alignment and a shifting employee landscape are also critical to success. So how can a firm consider these factors to ensure sustainable and competitive growth into the future? 🎧Follow Beyond the Numbers on Apple Podcasts or Spotify 🗒️Craig Lawson's LinkedIn 🗒️Darryn Hockley's LinkedIn

Innovation is a key driver of productivity for businesses. To help them achieve their objectives, the government offers various programs such as the R&D Tax Incentive and government grants. These programs encourage businesses to develop new or improved products and services, lower environmental impacts, attract potential investment and keep Australian competitive on a global scale. The level of innovation support in Australia can be influenced by political cycles, however one of the main challenges is business awareness around eligibility for these key programs that support innovation and ESG initiatives. So, how can we change this disconnect and further showcase the importance of innovation incentives when it comes to ESG initiatives, given ESG is revolutionising the way businesses operate? 🎧Follow Navigating the New Normal on Apple Podcasts or Spotify 🗒️Rebecca Iwanuscha's LinkedIn

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? 🎧Follow Navigating the New Normal on Apple Podcasts or Spotify 🗒️George Bendall's LinkedIn 🗒️Shivani Krishnamoorthy's LinkedIn

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? 🎧Follow Navigating the New Normal on Apple Podcasts or Spotify 🗒️Katherine Shamai's LinkedIn

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? 🎧Follow Navigating the New Normal on Apple Podcasts or Spotify 🗒️Michael Pittendrigh's LinkedIn 🗒️Jace Gawne-Buckland's LinkedIn

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? 🎧Follow Navigating the New Normal on Apple Podcasts or Spotify 🗒️Himashini Weeraratne's LinkedIn 🗒️John Askham's LinkedIn

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? 🎧Follow Navigating the New Normal on Apple Podcasts or Spotify 🗒️Pete Burgess' LinkedIn 🗒️Simone Barker's LinkedIn

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. 🔎Want to learn more about Grant Thornton? Click here. 🎧Want to listen to more of our podcasts? Click here. 🎧Follow Navigating the New Normal on Apple Podcasts or Spotify 🗒️Kirsten Taylor-Martin's LinkedIn 🗒️Heather Gouveia's LinkedIn

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?