Australia

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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	1 January
Australia Day	26 January
Good Friday	The Friday before Easter
Easter Saturday	The Saturday before Easter
Easter Monday	The Monday after Easter
Anzac Day	25 April
Queen's Birthday	The second Monday of June (except for the State of Western Australia)
Bank Holiday	The first Monday of August
Labour Day	The first Monday of October, the first or second Monday of March according to the State.
Christmas Day	25 December
Boxing Day	26 December

Holiday compensation: If a public holiday falls on a Saturday or Sunday, it is made up.

Companies do not close for holiday periods but only for public holidays.

Tax year: The tax year begins on 1 July and ends on 30 June.
Accounting standards: Accounting Standards in Australia (AAS Standards pre 2005)
Accounting regulation bodies: Australian Accounting Standards Board
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: Certified Chartered Accountants
Chartered Accountants
NIA
ASIC
Financial Reporting Council
Certification and auditing: Australian Auditing and Assurance Standards Board
PWC, Deloitte, KPMG
Accounting news: Chartered Accountants website

Nature of the tax: GST : Goods and Services tax
Tax rate: A rate of 10% 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: No reduced rate.
Other consumption taxes: None

Company tax: 30%
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 credit: 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.
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 AUD500,000 ).

Income tax
AUD 1 - 6,000	0
AUD 6,001 - 30,000	15 cts for each AUD 1
AUD 30,001 - 75,000	AUD 3,600 + 30 cts for each AUD 1
AUD 75,001 - 150,000	AUD 17,100 + 40 cts for each AUD 1
AUD 150,001 and over	AUD 47,100 + 45 cts for each AUD 1
Fringe Benefit Tax, FBT	Click here for more information.

Allowable deductions and tax credit: 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 exemption for income from abroad for temporary residents, which includes also capital gains, has existed in Australia since 1 July 2006.

Countries with whom a double taxation treaty have been signed: Double taxation agreements (DTA) with Australia.
Whithholding taxes: Withholding tax rates are 0/30% for dividends, 10% for interest and 30% for royalties.

National organizations: The Patent Trade Marks and Designs Office is the organization responsible for the protection of intellectual property and any requests should be made to them (administration of patents and registration of trade marks and designs). For copyright, there is also the Copyright Law Branch.
International membership: Member of the WIPO
Signatory to the Paris Convention for the Protection of Intellectual Property
Membership to the TRIPS agreement - Trade-Related Aspects of Intellectual Property Rights (TRIPS)

Type of property and law	Validity	International agreements signed
Patent Patent Act 1990 & 1999	Valid for 20 years	Patent Cooperation Treaty (PCT) Strasbourg agreement concerning the International Patent Classification
Trademark Mark Act 1995	Valid for 10 years	Trademark law treaty Nice agreement Protocol relating to the Madrid Agreement
Design Trademark Law 1984 & Design Act 2003	Valid for 10 years
Copyright Copyright Act 1968	Valid for 50 years	Berne convention Convention for the Protection of Producers of Phonograms against unauthorized duplication of their phonograms Rome convention for the protection of performers, producers of phonograms and Broadcasting organizations WIPO copyright treaty WIPO performances and Phonograms treaty
Industrial Models

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: English
Recourse to an interpreter: Possible.
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

National standards organizations: National organization in charge of standards
National certification organization
Organization which publishes standards
Integration in the international standards network: Pacific Area Standards Congress (PASC)
International Standard organization (ISO)
International Electrotechnical Commission (IEC)
Classification of standards: AS/NZ is the national certification mark, which also covers New Zealand.
Online consultation of standards: Search engine for standards.
Certification organizations: National certification organization

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