In this page:
Accounting Rules |
Tax Rates |
Intellectual Property |
Legal Framework |
- Tax Year
The tax year begins on 1 July and ends on 30 June. If necessary, after lodging a special authorisation to the ATO, calendar year can be used as tax-year.
- Accounting Standards
Accounting Standards in Australia (AAS Standards pre 2005). Australian accounting standards, which are legally binding under the Corporations Act, are equivalent to International Financial Reporting Standards (IFRSs).
- Accounting Regulation Bodies
- Accounting Reports
Certification of accounts concerns the following accounting reports: the Statement of Financial Performance & Position or Balance sheet, i.e. the the company's statement of accounts, and the Profit and Loss Statement of the financial year certified.
- Publication Requirements
Reporting is carried out yearly.
- Professional Accountancy Bodies
CPA , Certified Public Accountant professional association
ICAA , The Institute of Chartered Accountants in Australia - ICAA (the Institute) is the professional body representing Chartered Accountants in Australia.
NIA , National Institute of Accountants.
ASIC , Australian Securities and Investment Commission
FRC , Australian Government Financial Reporting Council
- Certification and Auditing
The companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organization.
You can contact the Australian Auditing and Assurance Standards Board or an external auditor: PWC (en anglais), Deloitte (en anglais),KPMG.
- Accounting News
Chartered Accountants website
- Nature of the Tax
GST : Goods and Services tax
- Tax Rate
A rate of 10% of Good and Services Tax (GST) is applicable when selling or buying most goods and services in Australia and when importing into Australia (which includes Customs valuation, Customs tax, transport and transport insurance if it is not already included in the Customs valuation).
- Reduced Tax Rate
Some products and services may be GST free but none are GST reduced.
- Other Consumption Taxes
Learn more about Service Providers in Australia on Globaltrade.net, the Directory for International Trade Service Providers.
- Company Tax
- Tax Rate For Foreign Companies
Resident companies are taxed on all their profits worldwide at a rate of 30%. Non-resident companies are taxed in their country of origin.
- Capital Gains Taxation
Capital gains on assets held by an Australian company and long term capital gains are taxed, in principle, when they are realized at the Corporate tax rate, i.e. 30%.
- Main Allowable Deductions and Tax Credits
There are tax incentive measures on investment in equipment and investment of capital.
According to the nature and the size of the investment project, the governments of the States can, for a limited period, grant tax aid in the form of tax relief on payroll tax, stamp duty or land tax. For further information, consult the Department of Innovation, Industry, Science and Research website.
Charity donations may be tax deductible under specifics conditions.
- Other Corporate Taxes
Stamp duty: all the Australian States and Territories subject certain transactions to Stamp Duty at rates which vary according to the transaction.
Land tax is collected by each State on the non-revalued value of land, at progressive rates.
Payroll tax is collected from employers. This tax is specific to each State, and its rates and conditions of payability vary according to the State. Payrolls under a certain threshold are exempted (in the State of New South Wales AUD 500,000 ).
- Other Domestic Resources
Consult Doing Business Website, to obtain a summary of the taxes and mandatory contributions.
Country Comparison For Corporate Taxation
|Number of Payments of Taxes per Year
|Time Taken For Administrative Formalities (Hours)
|Total Share of Taxes (% of Profit)
- Last Available Data.
|Individual tax rate
|AUD 0 - 18,200
|AUD 18,201 - 37,000
||19 cts for each AUD 1 over AUD 18,200
|AUD 37,001 - 80,000
||AUD 3,572 plus 32.5 cts for each AUD 1 over AUD 37,000
|AUD 80,001 - 180,000
||AUD 17,547 plus 37 cts for each AUD 1 over AUD 80,000
|AUD 180,001 and over
||AUSD 54,547 plus 45 cts for each AUD 1 over AUD 180,000
- Allowable Deductions and Tax Credits
Professional expenses, subscriptions to professional reviews, training, expenses related to travel (professional activities), driving expenses for professional activities, gifts and donations and expenses related to clothing for certain professions.
- Special Expatriate Tax Regime
For expatriates, it is advisable to look into questions related to tax residence and to set up tax optimization schemes especially to limit taxation on certain allowances, such as the Living Away From Home Allowance (LAFHA).
Tax exemptions for income from abroad for temporary residents, which includes also capital gains, exist in Australia.
Double Taxation Treaties
- Countries With Whom a Double Taxation Treaty Have Been Signed
- Withholding Taxes
Withholding tax rates are 30% (between 5 and 15% for treaty countries) for dividends, 10% for interests and 30% for royalties
Learn more about Taxes and Accounting in Australia on Globaltrade.net, the Directory for International Trade Service Providers.
- Independence of Justice
The judicial power is independent.
- Equal Treatment of Nationals and Foreigners
Australia is a constitutional State. Foreign nationals can benefit from the same treatment as citizens in judicial matters (including commercial disputes). It is one of the least corrupt nations in the world, and women have the same freedoms and rights as men.
- The Language of Justice
- Recourse to an Interpreter
- Sources of the Law and Legal Similarities
The main source of the law is the constitution of 1901, based on English Common Law. The country accepts the obligatory jurisdiction of the International Court of Justice.
- Checking National Laws Online
National Library of Australia Portal
Learn more about Lawyers and Legal in Australia on Globaltrade.net, the Directory for International Trade Service Providers.
- General Information
Website about business in Australia
- Opening Hours and Days
Saturdays and Sundays closed for companies and administrations. Shops are open all week.
|New Year's Day
||The Friday before Easter
||The Saturday before Easter
||The Monday after Easter
||The second Monday of June (except for the State of Western Australia)
||The first Monday of August
||The first Monday of October, the first or second Monday of March according to the State.
- Holiday Compensation
If a public holiday falls on a Saturday or Sunday, it is made up.
Periods When Companies Usually Close
|Companies do not close for holiday periods but only for public holidays.
© Export Entreprises SA, All Rights Reserved.
Last Updates: October 2014