Australia at a glance – May 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.

May 2022

  1. In Australia, a company may have both a business name, and a company name. The company name is the official name registered with the corporate regulator, ASIC, and the name used on legal documents.
  2. Australian’s bank notes are waterproof and are made of polymer.
  3. In Australia, employees finishing up with their employer must receive their final payment in the next pay cycle at the latest, or alternatively at a date agreed with the employer.
  4. Based on OECD projections, Australia’s real GDP is projected to grow by 4.1% in 2022 and 3% in 2023. The economy is recovering as COVID-19 measures imposed in some states have now been lifted.
  5. Australia has a group of commonly used structures through which a business may be run. The four main structures are: sole traders, partnerships, trusts, and companies.
  6. Located in the state of Victoria, the Great Ocean Road is the largest war memorial in the world.
  7. Foreign investors intending to acquire Australian companies or assets may be required to submit a formal proposal to the Australian Foreign Investment Review Board (FIRB) for approval.
  8. A standard trademark application in Australia is made publicly available very shortly after the application is filed. Once it is filed, only very minor changes can be made.
  9. Neither kangaroos nor emus have the ability to walk backwards. Both animals are included in Australia’s coat of arms, connoting a country ‘always moving forward’.
  10. Income tax is the most substantial stream of revenue in the Australian tax system, levied on three main income sources, being personal earnings, business earnings, and capital gains.

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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