Legislation of Australia

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List of laws and regulations

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Tax treaties entered

Argentina
Austria
Belgium
Canada
Chile
China
Czech Republic
Denmark
Fiji
Finland
France
Germany
Greece
Hungary
India
Indonesia
Ireland
Israel
Italy
Japan
Kiribati
Korea
Malaysia
Malta
Mexico
Netherlands
New Zealand
Norway
Papua New Guinea
Philippines
Poland
Romania
Russia
Singapore
Slovakia
South Africa
Spain
Sri Lanka
Sweden
Switzerland
Taiwan
Thailand
Turkey
USA
Vietnam

Tax Exchange Information Agreement (TIEA)

Anguilla
Antigua and Barbuda
Aruba
Bahamas
BVI
Belize
Bermuda
Cayman Islands
Cook Islands
Dominica
Guernsey
Gibraltar
Grenada
Isle of Man
Jersey
Marshall Islands
Monaco
Montserrat
Netherlands Antilles
Samoa
San Marino
Saint Kitts and Nevis
Saint Lucia
Turks and Caicos Islands
Vanuatu

List of state regulatory authorities

Prime Minister
Department of finance
Department of Foreign Affairs and Trade
Taxation office

Corporate info

Legal system
Formed under the decisive influence of Anglo-Saxon law
Types of entity
Proprietary Company Limited by Shares;
Proprietary Company Unlimited Company with Share Capital;
Public Company Limited by Shares;
Public Company Limited by Guarantee;
Public company Unlimited Company with Share Capital;
Public Company No Liability Company;
Partnership;
Branch
Shelf companies permitted
No
Incorporation timescale for a new company
10-15 days
Company suffix
Pty Ltd (Proprietary Limited)
Sensitive words
The new company must have a different name from the name of the already registered company
Cyrillic alphabet permitted in company name
No
Local registered office
Yes
Local registered agent
Yes
Information to be kept at the registered office
Corporate documents, reporting
Seal required, type of seal
There is no mandatory requirement to have a seal
Redomiciliation (to, from) permitted
Permitted

Director and secretary

Minimum number of directors
1
Residency requirements for directors
Yes
Corporate directors permitted
No
Directors’ meetings/frequency/location
No restrictions
Disclosure to local agent
Yes
Disclosure to public
Yes
Company secretary required
No
Residency requirements for a secretary
Yes
Qualified secretary required
No
Corporate secretary permitted
No

Shareholder and beneficiary

Minimum number of shareholders
1
Residency requirements for shareholders
No
Corporate shareholder permitted
Yes
Meetings/frequency/location
No restrictions
Disclosure to local agent
Yes
Disclosure to public
Yes
Beneficiary info disclosure to
No

Shares and share capital

Minimum authorized share capital
No requirements
Minimum issued share capital
No requirements
Minimum paid share capital
No requirements
Authorized capital payment deadlines
No
Issued capital payment deadlines
No
Standard currency
AUD
Standard authorized share capital
No requirements
Standard par value of shares
1 AUD
Shares with no par value permitted
No
Bearer shares permitted
No

Taxes

Personal tax
0-45%
Сorporate tax
30%
Corporate tax (in detail)
The standard income tax rate is 30%. There is a reduced rate - 25%
Capital gains tax
30%
Capital gains tax. Details
The normal rate
VAT
10%
VAT. Details
There is no VAT in Australia. The equivalent is GST (Goods and Services Tax). The rate is 10%
Withholding tax
0% (30%) / 0% (10%) / 30%
Other taxes
Payroll Tax, Property Tax
Exchange control
No
Government fee
No
Stamp duty
6.5% on transfers of real estate and certain other commercial (intangible) assets

Accounts

Requirement to prepare accounts
Yes
Requirement to file accounts
Yes
Publicly accessible accounts
No
Requirement to file Annual Return
Yes
Publicly accessible Annual Return
No
Audit required
No

General information shortly

Location
Occupies the continent of the same name, the island of Tasmania, and several other islands in the Indian and Pacific Oceans
Total area
7 692 024 sq. km
Population
26 524 000 (2022)
Capital
Canberra
National currency
Australian Dollar
Conditional reduction of currency
AUD
Against USD
0,69
Climate, average max and min t°
Most of the north has a tropical climate; the southwest has a Mediterranean climate; most of the southeast has a temperate climate
Time difference from Moscow
- 7 hours
Dialing code
+61
State language
Australian (English)
Ethnic groups
Approximately 90% of the population is European, more than 8% is Asian (Chinese, Vietnamese, Filipinos, and Indians)
Literacy rate
99% (2019)
History
Credit rating
AAA
Government type
Approximately 90% of the population is European, more than 8% is Asian (Chinese, Vietnamese, Filipinos, and Indians)
Executive branch
The formal head of state is King Charles III. Executive power - the Prime Minister and the Cabinet of Ministers
Legislative branch
Bicameral federal parliament: the Senate (upper house, 76 senators) and the House of Representatives (lower house, 150 deputies). Parliament also includes the king of Great Britain (represented by the governor general)
Judicial branch
Two-tier judicial system: the federal level includes federal courts and tribunals, and the regional level includes courts of individual states and territories. Four federal courts: the High Court, the Federal Court, the Family Court, the Federal District Court. At the head of both levels of the judicial system is the High Court of Australia
Unemployment
3,4% (2022)
GDP per capita rank
24 (2020)
Corruption perceptions index rank
73 (2021)

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