Australia at a glance – March 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.

March 2022

  1. Small Australian companies do not need to publish their annual financial statements with ASIC (they are thus not available to the public).
  2. 90% of the Australian population live within 50km of the coast.
  3. The Australian GST system was introduced in 2000 and is modelled on the European VAT system. The rate is 10%, with few exceptions, and with no other rates. The threshold is AUD 75,000.
  4. 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.
  5. An Australian private company only needs one shareholder.
  6. Australia’s corporation 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.
  7. AFL (Australian Rules Football) was invented to keep Cricketers fit in the off season.
  8. 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.
  9. Australia invented the world’s first seat belt law in 1970.
  10. Workers’ compensation is a form of mandatory insurance applicable in each state or territory. An employer must have cover for themselves and their employees in case they are injured whilst at work or become sick due to their work.

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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