Australia at a glance – March 2024

These 10 points 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 2024

  1. Residents who are holders of short-term visas are generally not taxed on their overseas income other than overseas salary income.
  2. Australia has withholding tax on dividends, interest and royalties, of 30%, 10% and 30% respectively. There are exceptions – and Australia’s double tax treaties often reduce these rates.
  3. A lease payment for equipment located in Australia can be a ‘royalty’. (South Africa and Poland are also examples of OECD countries that have the same tax treatment).
  4. Anthony Albanese (Australian Labor Party or ALP) has been the Australian Prime Minister (head of government) since 23 May 2022.
  5. Australia has four time zones, including Lord Howe Island.
  6. Ex-professional rugby player and current rugby legend, David Pocock, now 35, is an active and independent member of the Australian Senate.
  7. The Australian chief of state is King Charles III (since 8 September 2022) and is represented in Australia by Governor General David Hurley (since 1 July 2019).
  8. A second international airport is being constructed in Sydney – the Western Sydney International Airport (WSI). It is apparently on track to begin operations in 2026. It is planned to be curfew free.
  9. Australia’s top personal marginal tax rate is 45% and commences with income over AUD 180,000 (about USD 120,000).
  10. Australian companies can be exempt from tax on dividends from subsidiaries.

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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