Australia at a glance – January 2024

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.

January 2024

  1. Only under certain circumstances can an Australian company elect to have a year end other than the default of 30 June.
  2. The employer, not the employee, pays Fringe Benefits Tax (FBT).
  3. Great Britain and Ireland sent more than 150,000 convicts to Australia before ending the practice in 1868.
  4. An Australian company is generally not taxed on the profits from its permanent establishment abroad.
  5. Australian subsidiaries of overseas groups are subject to more stringent tax and accounting compliance if the group they belong to exceeds certain size thresholds.
  6. The Australian corporate tax rate is 30%, but 25% for smaller companies.
  7. Australia contributed more than 400,000 troops to Allied efforts during World War I, and Australian troops played a large role in the defeat of Japanese troops in the Pacific in World Was II.
  8. All persons wishing to be a director of an Australian company need a DIN – Director Identification Number. This takes some months to obtain for most non-residents.
  9. The period from late December to the end of January is the time when least business is done in Australia – this is an intensive holiday season, due to the coincidence of the Christmas and summer holidays.
  10. Of all the world’s national cricket teams, the Australian team is the most popular – in 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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