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Key Facts about Australia

Australian flagAustralia is an independent, self-governing country occupying an enormous land mass in the southern ocean with a relatively small population of 22 million people. It comprises six States (New South Wales, Victoria, Queensland, South Australia, Western Australia and Tasmania) and two Territories (the Northern Territory and the Australian Capital Territory) as well as a number of small External Territories (e.g. Norfolk Island). Each State and Territory has its own government which are each individually responsible for certain areas of law-making and administration. In addition, the Federal Government operates a Federal law and specific law-making and administration responsibilities. Importantly, the Federal Government is responsible for enacting laws relating to Income Tax and Goods and Services Tax. State and Territory Governments levy certain State taxes. There are currently 125 taxes levied in Australia but the majority of these are minor, with approximately 90 per cent of taxation revenue being collected through only 10 of these.

Tax rates in Australia

  • Corporate tax: 30%
  • GST (Goods and services tax): 10% (standard rate)
  • Personal income tax: 45% (top rate)

Population & Gross Domestic Product (GDP)

  • Population: 22.5 million
  • GDP: US$ 1120 billion
  • Currency:¬†Australian dollar (AUD).

The Australian dollar is a free floating currency, not pegged in any way to another currency.

Australian Membership in economic groups

  • APEC (Asia-Pacific Economic Cooperation)
  • OECD (Organisation for Economic Co-operation and Development)
  • WTO (World Trade Organization)
  • G20 (The Group of Twenty Finance Ministers and Central Bank Governors)

Major industries

  • Minerals (mainly coal, iron ore), oil and gas exploration, wheat and other agricultural products

For more details: Australian Taxation Law

To register a company in Australia please visit www.Australia-Offshore.com

Short URL: http://www.worldtaxnews.net/?p=770

Posted by on May 22 2012. Filed under Key facts. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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