Australia at a glance – October 2021

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.

October 2021

  1. Australia has six states; New South Wales, Victoria, Queensland, Western Australia, Tasmania and South Australia. It also has two territories; The Northern Territory and Australian Capital Territory (ACT).
  2. In 1975, HM Queen Elizabeth II once fired the entire Australian government.
  3. Small Australian companies do not need to publish their annual financial statements with ASIC (they are thus not available to the public).
  4. Donations in Australia of $2 or more are deductible for income tax purposes in Australia, provided the donation was made to a Deductible Gift Recipient (DGR).
  5. Kangaroos and emus cannot walk backwards – this is one of the reasons that they are on the Australian coat of arms.
  6. The Australian tax year, for both companies and individuals, commences on 01 July. Companies can request a different year end, a so-called ‘SAP’ (Substituted Accounting Period).
  7. Melbourne has the world’s largest Greek population outside of Athens.
  8. The requirement to have an Australian resident public officer is set out in the tax legislation (it is not a company law position).
  9. Australian states levy ‘payroll tax’. ‘Payroll tax’ is a tax on an employer once the total salaries reach a certain level.
  10. Australia’s national anthem was ‘God Save the Queen’ until 1984.

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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