Australia has a complex tax landscape with taxes applicable at both a Federal level (such as income tax and Goods and Services Tax (GST)) and at the State and Territory level (such as stamp duty and land tax).
The Australian Taxation Office (ATO) is the key revenue authority responsible for the administration of the Federal tax laws and each State and Territory has a separate revenue authority to administer the tax laws applicable in the respective jurisdiction.
Australia is a key destination for foreign investment with foreign direct investment reaching $1 trillion in 2020. Key industries with strong investment activity include mining, Australian manufacturing and financial services and insurance.
Approval from the Foreign Investment Review Board (FIRB) may be required when investing in Australia. Where FIRB approval is required for a particular investment or transaction, Treasury will consult with the ATO and will generally impose tax conditions to the FIRB application which must be complied with as part of the approval. This process ensures that the Australian taxing authorities maintain high visibility over the different types of structures and jurisdictions used when investing into Australia and can allocate their resources accordingly.
To find out more about the possible tax implications of doing business or investing in Australia, view our publication below: 'Doing business in Australia: A Tax Guide'. Download a PDF of the publication here.
This publication was prepared by partner Clint Harding with the assistance of lawyer George Bassil.
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Arnold Bloch Leibler is renowned within the Australian business, legal and accounting communities as being the ‘go-to’ taxation law practice for corporate leaders,
major companies and wealthy private clients. If you have any questions about the information contained in this publication, contact one of our team members below.