Australia at a glance – July 2022

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.

July 2022

  1. Australian tax law requires that all local and foreign businesses that are liable to tax in Australia have an Australian resident ‘public officer’.
  2. An Australian private company only needs one shareholder.
  3. Australian tax residents can ‘discount’ any capital gains (taxable profits) made on the disposal of certain investments by 50%, subject to satisfying criteria such as a minimum holding period.
  4. Australia has a larger population of camels than Egypt.
  5. A foreign employer needs to register in Australia if it has an employee performing ‘work’ here.
  6. Australia operates a full self-assessment system, under which the Australian Taxation Office (ATO) does not review income tax returns on submission but has wide-reaching audit powers to monitor compliance.
  7. Donations in Australia of $2 or more are deductible for income tax purposes, provided the donation was made to a Deductible Gift Recipient (DGR).
  8. The name Australia comes from the Latin word ‘Australis’, which means southern.
  9. Australia’s corporations law requires all public companies (‘Limited’ or ‘Ltd’) to appoint a company secretary, however private companies (known as ‘Pty Ltd’) are not subject to the same requirement.
  10. Australia is the only country in the world where there are more species of venomous snakes than non-venomous snakes.

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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