Australia - Reitway Global Property Portfolio

Domicile

Australia is the world’s smallest continent, but also its sixth-largest country, lying between the Pacific and Indian Oceans in the Southern Hemisphere. Covering over 7.5m square kilometres of land, it consists of the continental mainland plus the island of Tasmania and numerous other smaller islands.

Australia and Investments

Tax Information Exchange Agreements

Tax information exchange agreements (TIEAs) are an important tool in Australia’s efforts to combat offshore tax evasion.

The agreements:

  • provide for the effective exchange of information between Australia and its TIEA partners
  • promote fairness
  • enhance Australia’s ability to administer and enforce its domestic tax laws.

The agreements are an important part of Australia’s ongoing commitment to the Organisation for Economic Cooperation and Development's (OECD) efforts to improve the transparency of ownership and accounting information and establish an effective exchange of information on civil and criminal tax matters.

Under the TIEAs, treaty partners must have legal and administrative frameworks in place to support their commitment to exchange information. For example, the ability to exchange information cannot be hindered by restrictions such as bank secrecy laws or a limitation to only be able to acquire and hence exchange information that is necessary for their domestic tax administration. 

A full list of these agreements can be found at TIEAs

Double Taxation Treaties

A double tax treaty allows that tax paid can be offset in one of two countries against tax payable in the other, thus avoiding double taxation. Australia is a signatory to double tax treaties with many countries throughout the world. Some forms of income are exempt from tax or qualify for reduced rates. These include royalties, dividends and capital gains. 

Financial Statement Requirements

The Australian Securities and Investments Commission (ASIC) is Australia’s corporate, financial markets and financial services regulator.

Companies operating in Australia are required to prepare and lodge financial reports with ASIC, usually at the end of the financial year. Annual financial reports are required to be audited. In some circumstances, companies may be exempt from financial reporting.

For more information on financial reporting requirements, see ASIC’s guide to Financial Reports.

Regulator

The Australian Securities and Investments Commission (ASIC) is the federal regulatory body for publicly subscribed unit trusts and companies and superannuation entities, in accordance with the Corporations Act.

National Office
Level 18, No 1 Martin Place
GPO Box 9827
Sydney
NSW 2001