Australia at a glance – June 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.

June 2023

  1. Australian states levy payroll tax – a tax on the total payroll above a threshold.
  2. The AUKUS nuclear-powered submarine project will mean Australia becomes one of only 7 countries that operate nuclear-powered submarines.
  3. Australia’s GDP is currently growing at about 2.1% per annum.
  4. If the significant management decisions of an Australian company are exercised outside Australia, the company may find that it is not entitled to the benefits of a tax treaty with Australia.
  5. The default tax and financial year end is 30 June – the only OECD country with this date.
  6. Like the US, Australia has separate states; but unlike the US Australian states do not levy sales taxes/VAT, or income tax, or make corporate law – these are exclusively Federal matters in Australia.
  7. The legal obligation to pay superannuation can also apply where the worker is a ‘contractor’.
  8. The Australian population is around 26 million.
  9. There are more than two kangaroos for every Australian.
  10. The official name of Australia is ‘The Commonwealth of 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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