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| INTRODUCTION |
Australia is the sixth largest country in the world. The population in Australia is approximately 19,000,000 and was originally made up of six states and two territories. Each state and territory had its own parliament, flag and floral emblem. Australia became a federated nation after the union of the six colonies on January 1, 1901, and is now bound by one parliament, one constitution and one flag.
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| LAW AND TAXATION |
Income generated by a corporation is taxed at both the corporate level and shareholder level. A corporation must pay taxes on its income and the shareholders must pay taxes on the dividends. Goods and services tax (GST) is a broad-based tax based on the sale of most goods and services in Australia. You must register for GST if you are an entity carrying on an enterprise and your annual turnover is at or above the registration turnover threshold of $50,000.
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| CORPORATE REQUIREMENTS SUMMARY |
- New companies must register with the Australian Securities and Investments Commission (ASIC) in order to be recognized as an Australian company under Corporations Laws
- At least one secretary of a company must be a resident of Australia
- At least one director of a proprietary company must be a resident of Australia
- At least two directors of a public company must be a resident of Australia
- A Registered Office is required to be an Australian company, and that may be the principal place of business
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| **CSC does not provide legal or financial advice** |
