Currency: Australian Dollar
Foreign Exchange Control: None
Accounting Principles: Australian IFRS (A-IFRS). Financial statements filed annually.
Business Entities: Principally, private and publically traded companies, partnerships, corporate limited partnership and branch of a foreign corporation.
Residence: If incorporated in Australia or central management or control is based in the country.
Basis: Residents are taxed on their worldwide income and non-residents are taxed on Australian-source income only.
Foreign Tax: Tax credits available.
Other: R&D activities receive beneficial treatment. Special tax rules for managed investment trusts (MIT).
Tax Year: 1st July to 30th June
Residence: Residents taxed on worldwide income, non-residents taxed on foreign income only. Temporary residents taxed on worldwide employment income and Australian-source investment income (resident if normally reside in Australia and satisfy at least one of three statutory tests)
Rate: Progressive up to 45%
Capital Gains: Applies only to property disposed of by foreign investors since 12th December 2006. Different schedules apply to dates prior to this.
Other: Stamp duty: up to 7% depending on state on transfer of real or business property.
Social security: Employers 9.25% plus a levy for Medicare based on income.
VAT: Standard rate 10%
Member Firm: Foster Raffan