Businesses in Australia are currently struggling to navigate the complexities involved with payroll remediation challenges. It’s critical for businesses of all sizes to understand the best way to manage these large-scale projects and remain agile when challenges arise. Not only do organisations need to ensure they’re legally compliant, but payroll remediation is also a moral and ethical challenge that businesses must get right. 

So, what strategies can a business use to detect potential issues early, and how can they effectively address these problems to prevent them from escalating?

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Preparing for hosting the Olympics requires meticulous planning and execution. From infrastructure delivery to enhancing community engagement and legacy planning, having eight years to prepare suddenly doesn’t seem like long enough. Local businesses will be bidding for competitive contracts that could see them going from supplying a local market to the global stage. With all this in mind, it’s critical to understand how the city is preparing and what’s left to do.

So, what crucial steps must Brisbane and those businesses that want to be involved be taking to ensure it’s ready for this global event?

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In the latest episode of Beyond the Numbers with Grant Thornton, Private Business Tax and Advisory Partners and Family Business accredited advisors, Kirsten Taylor-Martin and Kirstin Stewart discuss the critical elements of effective succession planning. They explore effective succession planning, open communication and how aligning family expectations can position the rising generation to successfully lead the family into the future.

Tune in to learn how you can help build a lasting family legacy.

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The Small Business Restructure (SBR) regime came into force at the beginning of 2021 as a cost-effective method for distressed businesses to reorganise and negotiate businesses debts up to $1m.

While this restructuring tool was underutilised during the COVID-19 pandemic, there’s recently been an increase in the adoption of SBRs as a restructuring tool by distressed businesses. So, what’s the reason for this recent uptick, and how can small businesses under pressure start the process? 

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The May Federal Budget saw the Government reaffirm its commitment to a ‘Future Made in Australia’ by allocating $22.7b to boost investment and rejuvenate Australia's domestic manufacturing capabilities, thereby strengthening Australia's position in the global economy.

However, what are the practical implications for the manufacturing sector and when will we see the investment have impact on the sector in Australia?

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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?

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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? 

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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?

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‘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?

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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?

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