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.
- On Saturday 21 May 2022, Anthony Albanese, the leader of the Australian Labor Party (ALP) was elected as the 31st Prime Minister of Australia.
- ALP’s victory over the Liberal National Party (LNP) represents the first time they have represented a majority since 2013.
- Included amongst the ALP’s proposed initiatives is increased focus on the taxation of multi-national companies, turning their attention to debt-related deductions, tax treatment of intellectual property, and transparency measures.
- Under Australian tax law, non-cash benefits provided to an employee such as accommodation or a motor vehicle are subject to Fringe Benefits Tax (FBT). The FBT tax rate is 47% and is payable by the employer (not by the employee).
- HM Queen Elizabeth II is the Queen of Australia. Her representative in Australia is the Governor-General.
- Australia is the only English speaking country to have made voting compulsory in federal and state elections.
- The Australian tax year, for both companies and individuals, commences on 01 July. Companies can request a different year end, a so-called ‘SAP’ (Substituted Accounting Period).
- The Australian Alps receive more snow each year than the country of Switzerland.
- 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.
- The term ABN stands for Australian Business Number. It is an eleven-digit number that businesses must obtain in order to do business 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.