Australia at a glance – August 2023

These emails are designed for those investing into Australia and those who have plans to do so. We aim to keep the points short and sweet, and to merely list snippets of relevant but easy to read information.

August 2023

  1. Negotiations on the Australia-EU Free Trade Agreement have been suspended due to major disagreements on Australia’s ability to access the highly subsidised EU agricultural market.
  2. All employers of staff working in Australia must pay 11% of the employee’s salary (‘ordinary time earnings’) into a superannuation fund.
  3. Superannuation is a type of pension agreement.
  4. GST (similar to VAT) in Australia is just 10%.
  5. The Matildas are the best!
  6. All workers in the state of Victoria (of which Melbourne is the capital) are entitled to the Melbourne Cup Day paid public holiday.
  7. The Melbourne cup is a horse race!
  8. Australian states levy ‘payroll tax’ – a tax of around 5% on the total payroll (salaries and wages) above a certain threshold, being, very approximately, AUD 1m per annum.
  9. Many, if not most privately owned Australian businesses, are held via family discretionary trusts.
  10. In other (old) news: It is no longer necessary for Brits to have a criminal record in order to enter Australia.

This message is not given in the form of an opinion, legal opinion or tax advice. If any of the information provided is of interest or relevance to you or your company we would strongly recommend you contact us or another qualified professional for specific advice. 

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