Grant Thornton Australia

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.

Cryptocurrency and blockchain – the technology underpinning cryptocurrency – have the potential to go far beyond how we’re using it now – and the impact on businesses will be felt for years to come. From applications for online gaming, company shares, smart wallets and connected car services – the possibilities are endless. But we’re not quite there yet. While some businesses are already accepting crypto as payment, there is still a lot of work for the ATO, ASIC and the RBA to do behind the scenes to ensure crypto is regulated and safe. In this podcast, Ian Renwood, partner and National Head of Technology & Media, and Jace Gawne-Buckland, partner in Private Business Tax & Advisory, talk all things cryptocurrency – including banking the unbanked, machines trading services and just when we might see crypto as a standard payments option.

In our podcast, Innovation and Incentives partner Sandie Boswell, discusses what makes an innovative business successful (hint – lots of passion and strategy!), blind spots to look out for, and exciting future trends in innovation.

In this special episode for NAIDOC Week, our CEO, Greg Keith, is joined by Isaiah Dawe, CEO of ID Know Yourself. Isaiah is a Butchulla and Gawara saltwater man and we were privileged to hear his story; from his childhood going through 17 foster care 'placements' in his first 18 years, his reconnection with family and community, and the work he does now to welcome young Indigenous people living in out-of-home care with welcome arms.

In this podcast, we speak to Tom Isbell, partner and Remunerations Tax specialist at Grant Thornton, about skilled migration and global talent management. His best piece of advice for Australian businesses? Rip up your global mobility plan and write yourself a global talent management one instead.

Australia has the second largest reserve volumes of lithium, yet we don’t manufacture batteries in Australia – we send it all offshore. We have 19% of the world’s cobalt resources (also used in batteries), and 18% of global vanadium resources, but we do no production here. The opportunity exists to diversify outside of traditional resources and take our resources sector up several notches. In our podcast, Brent Steedman, National Head of Energy and Resources, says the positive sentiment is there – but the future of the mining sector is dependent on access to labour and developing the next frontier – critical and Rare Earth minerals.

There’s a lot happening under the surface when it comes to payroll – we have complicated Awards, a growing RegTech sector automating payroll, and the Federal Government’s $800m Digital Business Plan, providing small to medium sized enterprises, and industry bodies pushing for more simplification. In our podcast, Alex Bell, partner and National Head of Forensics at Grant Thornton, unpacks the complexities behind payroll and awards, the unexpected ramifications of getting it wrong, and what companies can do to protect themselves.

A favourite instrument for start-ups and companies about to list – Employee Share Schemes are used far more widely than most people think. It’s a way to remunerate your employees outside of the usual cash salary – and in an environment where competition for talent is hot, it can be a clever way to attract, engage and keep your people. From the outside looking in, they are complex to set up but get the mix right and it can be a tax effective way to incentivise your teams and propel your business forward.

In this podcast, we’re joined by Phil Coorey, Political Editor at the Australian Financial Review, and Vince Tropiano, Corporate Tax Partner in our Sydney office to talk about last week’s Federal Budget.

In our latest podcast, Tony Pititto, National Head of Agribusiness, Food & Beverage at Grant Thornton and Madina Aziz, Audit Partner discuss the opportunities for the sector through the Modern Manufacturing Initiative and what we need next from Government to help Australia target non-traditional export markets. This is much broader than simply processed food – we’re talking better quality products, reducing waste, and innovative ways of bringing products to new markets and customers.

The Government has a 10 year plan to implement the Modern Manufacturing Initiative and develop our manufacturing capability. While this will help reverse the trend of offshoring, it is so much more complex than simply hitting a 2, 5 and 10 year milestone. For instance, if you’re looking for investors to support your growth journey beyond the initial funding from the MMI, they’ll be looking for a shorter return than the decade mapped out. And of course, we need to make sure we have the trade partnerships and supply chains in place to help the domestic and international markets hum. In our podcast, partners Richard Nutt and Mark Phillips join us to discuss the global market place, non-tariff barriers, and the skills required to fulfil the modern manufacturing vision. The magic terms you will hear over and over again is value add and bespoke. If we produce the raw materials here, it’s a no brainer to commercialise and keep the value add here as well. It’s complex, but exciting.

We’ve never been more aware of where our pharmaceuticals and medical products come from, or how long therapeutics take to develop from research to product. Michael Cunningham, National Head of Life Sciences is joined by Dr Dan Grant, Managing Director and CEO of MTPConnect, Australia’s industry growth centre for the medical technology and pharmaceutical sector. They explore the opportunities outlined in the Government’s Medical Products Roadmap. Supporting the sector needs more than just funding. Competition and hurdles ahead for our burgeoning life sciences sector include the war for talent and access for funding. But what an opportunity ahead of us to not only innovate and grow this critical sector but to improve health outcomes for patients here and overseas. The legacy of COVID will be a stronger life sciences sector.

New South Wales has just undergone a public consultation regarding a swap from stamp duty to land tax over a decades long transition period. If it goes ahead it would be the largest shift in State tax policy since WW2. But is it a good idea and should all the States follow? Stamp duty is one of the most disliked taxes – it’s lumpy and comes at a time when property buyers are already under pressure to make their dollar go further. But perhaps it’s important to think of each State’s target demographic. Baby Boomers may prefer a known one-off stamp duty bill. Millennials could opt-in for a buy-now, pay-later annual land tax.

Google receives nearly 85% of its revenue from user data insights. But you don’t need to be the size of Google – or even a tech company – to apply some of their same thinking. In fact, you are swimming in rivers of data and you may not even know it – data about your suppliers, customers, processes and hardware. If you’re not tapping into it now, you’re at risk of falling behind as your consumers are willing to trade information for a better experience and service.

Anti-money laundering, payroll assurances, risk management – all hot topics in the news at the moment. But being a good corporate citizen is not just the responsibility of the business. From boards looking to ensure compliance to individuals at risk of ‘cuckoo smurfing’, compliance and good corporate citizenry impacts all of us. It’s about doing the right thing without anyone looking – thinking about your reputation in the market, influencing whether people want to do business with you. If in doubt, ask yourself if grandma would be proud.

M&A took a massive hit in 2020, with the majority of transactions put on hold in the February-March 2020 period in response to COVID. However, the economy rebounded stronger and faster than anticipated with some very clear trends carrying through to 2021. We saw the industrial sector a popular investment, with nearly 35% of deals coming from the sector. Niche manufacturing was particularly popular with foreign buyers. But the sector to watch is technology and technology enabled businesses which are set to dominate the 2021 public and private markets.

Brent Steedman, National Head of Energy and Resources says the Government's modern manufacturing initiative will provide funding and grants to develop and implement new technology - like better data analytics to define reserves or automated vehicles. The future of mining will be smarter to increase production and reduce costs. Pair this with a greater opportunity in a competitive global market and it's clear resources will continue to play a significant role in our future economy.