Australia at a glance – May 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. 

May 2024

  1. Australia has more than 10,000 beaches.
  2. Interest paid abroad is only tax deductible if interest withholding tax has actually been duly paid.
  3. The payment abroad for the lease of equipment in Australia is treated as a royalty and is subject to 30% royalty withholding tax.
  4. Australia does not have withholding tax on management fees, fees for technical services, or ‘franked’ dividends.
  5. ‘Franked’ dividends are, broadly speaking, dividends paid from profits that have been taxed.
  6. As ‘ANZACS’, Australians and New Zealanders have fought side by side in important wars for more than 100 years (including the two World Wars) but have tragically also fought each other for more than 100 years – over which country invented the famous meringue-based dessert called Pavlova (in about 1920).
  7. Unlike the US, Australia does not levy income tax at the state level.
  8. Australia is famous for its natural wonders, wide-open spaces, beaches, deserts, “The Bush”, and “The Outback” – yet Australia is one of the world’s most highly urbanised countries.
  9. A royalty paid abroad is only tax deductible if royalty withholding tax has actually been duly paid.
  10. An Australian company can, if certain conditions are met, receive dividends from abroad without Australian tax.

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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