Australia at a glance – September 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.

September 2022

  1. In Australia, the ‘Administrative Appeals Tribunal’ (AAT) has jurisdiction to independently review decisions made by the Australian Taxation Office and can be a less costly solution than courts for any persons wishing to dispute certain tax decisions.
  2. A share transfer in an Australian private company can be done in one hour. (Compared to most European civil law jurisdictions – where a notary must be involved).
  3. 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’.
  4. 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.
  5. In Australia, long service leave (LSL) is an entitlement to additional time off work on full pay, after an extended period of service with an employer. This is generally a period of 90 days after completing 10 years’ service.
  6. Loans, or debt forgiveness, provided by a private company to a shareholder (or their associate) can be deemed to be dividends for income tax purposes, subject to certain exclusions.
  7. Small Australian companies do not need to publish their annual financial statements with ASIC (they are thus not available to the public).
  8. 90% of the Australian population live within 50km of the coast.
  9. 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.
  10. Workers’ compensation is a form of mandatory insurance applicable in each state or territory. An employer must have cover for themselves and their employees in case they are injured whilst at work or become sick due to their work.

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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