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.
November 2021
- Australia is the only continent without an active volcano.
- Under Australian tax law, non-cash benefits provided to an employee such as accommodation or a motor vehicle are subject to Fringe Benefits Tax (FBT). The FBT tax rate is 47% and is payable by the employer (not by the employee).
- Australia is the only English speaking country to have made voting compulsory in federal and state elections.
- 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.
- The designer of the Sydney Opera House says the building’s unique white shells were inspired by a peeled orange.
- Australia has three time zones. Sydney, Melbourne and Canberra are always in the same time zone and are either 9, 10 or 11 hours ahead of the UK. Brisbane is in the same time zone as those three – but not when they go over to ‘daylight saving’ (summertime). Adelaide and Darwin, and then Perth, are another story.
- An Australian private company only needs one shareholder.
- The name Australia comes from the Latin word ‘Australis’, which means southern.
- 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.
- If you were to visit a new beach in Australia every day, it would take you over 27 years.
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.