Business Entities Australia - A Guide for Investors

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1 Doing Business in Australia 1 July June 2015 ESV Accounting and Business Advisors 1

2 A BRIEF LOOK AT AUSTRALIA Snapshot of Australia Currency/language Time zones Australian dollar (AUD) / English Australia has a number of time zones and generally operates daylight savings during the months of October to March. Refer Introduction Australia offers an attractive proposition as a centre for investment and business. It has a highly skilled multi- lingual workforce and is proven to be stable politically and economically. Its time zone fills in the void from close of business in the US to opening hours in Europe. Australia is seen as a leader in the Pacific and is highly influential in Asia. Australia has seven Free Trade Agreements ( FTA s ) currently in force with New Zealand, Singapore, Thailand, US, Chile, the Association of South East Asian Nations (ASEAN) and Malaysia. This accounts for 28 per cent of Australia's total trade. Ten more FTA s are either signed but not in force or under negotiation, including with China, Japan and the Republic of Korea. These negotiations account for a further 45 per cent of Australia's trade. Australia has adopted International Financial Reporting Standards and has a well regulated economy with high standards of corporate governance. The government has pursued a program of encouraging investment through the tax system, cutting red tape and investing in infrastructure. Australia is a low cost centre and offers a viable alternative to Asian countries as a regional base. This guide was prepared to provide an insight for investors and businesses considering Australia as an investment centre and should not be considered advice. If you require more detailed information, you will find a list of ESV contacts at the back of this booklet who can assist. Financial year 1 July 30 June Government consists of three levels: - Federal The Federal government is charged with matters of national interest and levies tax in a variety of forms including income tax, and GST etc. - State The States levy taxes such as payroll tax and stamp duty. - Local Local government funding comes from Federal and State governments as well as the collection of rates from applicable residents. ESV Accounting and Business Advisors 2

3 INVESTING IN AUSTRALIA Non- residents are generally not subject to tax on capital gains made from the disposal of Australian assets except for direct and indirect holdings of real estate. Overview There are significant differences in the treatment of passive investment compared to conducting business in Australia. Few real restrictions to investment in Australia exist. Generally, acquisitions of real estate or businesses of strategic importance to Australia require approval from the Foreign Investment Review Board (FIRB). The FIRB examines proposals by foreign interests to undertake direct investment in Australia and makes recommendations to the Government in respect to those transactions. All acquisitions of vacant land including residential real estate, accommodation facilities, shares or units in Australian urban land corporations or trust estates and direct investments by foreign governments or their agencies require approval, irrespective of the value or the nationality of the investor. Other acquisitions have thresholds at/above which approval is required, depending on whether the investor is a US investor or non- US investor. Transfers of property may be subject to stamp duty which is a duty levied by the states. The rate of stamp duty varies from state to state but can add significantly to the acquisition price of assets, particularly real estate. Other income derived from sources in Australia and not subject to withholding tax, is generally assessable and required to be declared in an annual income tax return. Withholding Taxes Withholding tax must be deducted from interest, dividends (to the extent they are not franked) and royalties paid to non- residents. The liability for the withholding tax rests with the Australian entity (payer). Annual reports of items subject to withholding tax are required to be lodged. The rates of withholding vary but are broadly as follows: Item Treaty Country Non Treaty Country Interest 10% 10% Dividends (Franked/Unfranked) 0% / 0-15% 0% or 30% Royalty 5% - 15% 30% From 1 July 2016 a non withholding tax will be applied (subject to certain exemptions) to property disposals by foreign residents. ESV Accounting and Business Advisors 3

4 BUSINESS STRUCTURES Overview A variety of common business structures are used in Australia each type of structure offers different advantages and limitations depending on the size and scale of the intended operations. An overview of the main types are provided below. Sole traders or practitioners A sole trader is the simplest and easiest form of conducting a business in Australia and many professionals or people offering services that depend on their personal efforts trade in their own name. Although this provides a simple structure, the risk of exposing personal assets to business liabilities is a major disincentive. Sole traders and practitioners operating in Australia need to be registered with, as a minimum, an Australian Business Number (ABN). Partnerships A partnership is two or more entities doing business together. Like a sole trader, there are few regulatory hurdles to forming a partnership and the individual partners are generally liable for the debts of the partnership on a joint and several basis. Written agreements between partners are not legally required but are highly recommended. Partnerships operating in business in Australia require an ABN as a minimum. Joint ventures Joint ventures are similar to a partnership but are distinguished by the fact that they share output rather than profits. Joint venturers can limit their exposure to liabilities incurred in the venture. Joint ventures are commonly used in the mining and property development industries. Compliance requirements and registrations depend on the specific situation. Trusts Trusts are commonly used in Australia as a trading or investment vehicle. Trusts are effective asset protection strategies and have characteristics which can offer tax advantages in certain situations. Typically, trusts are used in businesses which are closely held or for funding large property assets. Trusts carrying on business require an ABN as a minimum. Trusts can take on a number of different forms and are classified as fixed, non- fixed or hybrid. Companies Whether Australian resident or representing the branch operations of a foreign company, companies represent the preferred vehicle for most significant trading operations. All Australian companies and foreign companies carrying on business in Australia through a permanent establishment are required to register with the Australian Securities and Investment Commission (ASIC). They are also required to have an ABN. Other We note that there are a number of other structures through which business can or may be carried on. Consideration of such structures (including certain widely held trusts and limited liability partnerships) is outside the scope of this guide. ESV Accounting and Business Advisors 4

5 TAXATION OF BUSINESS STRUCTURES Overview Australians are subject to various taxes, levies, duties and excises primarily via two levels of government. The Federal Government administers Income Tax, Goods & Services Tax, Fringe Benefits Tax and various excises/ duties. Each State and Territory Government administer additional taxes such as payroll tax, land tax and stamp duty. Though there have been moves to standardise state taxes, it is necessary to check the rates and rules for each state in which you operate as they vary. Income Tax The standard Australian financial year runs from 1 July to 30 June. Taxpayers other than individuals may apply for a substituted accounting period. Resident taxpayers are subject to income tax based on their taxable income from all sources. Non- residents are taxed on taxable income from sources in Australia. Taxable income is determined by subtracting allowable deductions from assessable income. Businesses from countries with which Australia has signed tax treaties are taxed on profits derived from carrying on business through a permanent establishment in Australia. The term permanent establishment is defined in the treaties and captures many situations. Assessable income may consist of ordinary income, being income according to ordinary concepts or statutory income. Statutory income is deemed to be income by legislation. An example of statutory income is a capital gain. Capital gains are taxed through the income tax system. Capital gains are added to other assessable income and are calculated as consideration received on disposal of an asset less costs to acquire that asset. Where a Capital Gains Tax asset, owned by an individual or a trust, is held for more than 12 months and is disposed of at a gain, the assessable amount is calculated by discounting the gain by 50% after any capital losses have been offset (for non- residents refer to below). Generally, deductions are allowed if an outgoing is incurred in carrying on a business or deriving assessable income except for items of capital or of a private or domestic nature. Deductions may be available for certain capital expenditure over a period of time. No tax is payable until a taxpayer has been assessed or an instalment amount can be calculated based on an earlier assessment. Once an instalment amount has been calculated, regular tax instalments are normally required to be paid on account with a balancing payment after year end. The following sections highlight some of the income tax implications for various classes of taxpayers: Individuals Individuals can be classified as residents or non- residents. A sub- class called temporary resident provides certain concessions predominantly in relation to non- Australian sourced income. Australia has a progressive tax system, meaning that the rate of tax which is levied upon income increases as the level of income increases. The following tables summarises the Australian income tax rates for resident and non resident individuals for the financial year ending 30 June 2014: Residents Taxable Income $1 - $18,200 Nil Tax on this income $18,201 $37,000 19c for each $1 over $18,200 $37,001 $80,000 $3,572 plus 32.5c for each $1 over $37,000 $80,001 $180,000 $17,547 plus 37c for each $1 over $80,000 $180,001 and over $54,547 plus 45c for each $1 over $180,000 ESV Accounting and Business Advisors 5

6 The above rates do not include the Medicare levy which is a compulsory contribution to a national based health scheme. Medicare Levy is 2% from 1 July Non Residents Non- residents are subject to tax for every dollar of taxable income from Australian sources. Taxable Income Tax on this income $0 $80, c for each $1 $80,001 $180,000 $26,000 plus 37c for each $1 over $80,000 $180,001 and over $63,000 plus 45c for each $1 over $180,000 Non- residents are not required to pay the Medicare levy. For individuals who earn more than $180,000, a 2% levy (the Temporary Budget Repair Levy) is imposed on income in excess of $180,000 from 1 July 2014 for 3 years. Income which is subject to Australia s withholding tax regime is not required to be included in the non- resident individual s income tax return as the withholding tax is a final tax. With effect from 8 May 2012, non resident taxpayers individuals and trusts are no longer eligible for the 50% capital gains tax discount. To preserve entitlement to the capital gains tax discount for gains accrued but not realised by 8 May 2012, non- residents with taxable Australian real property should arrange a valuation to obtain a market value of the assets as at 8 May Partnerships For tax purposes, the definition of a partnership includes taxpayers in receipt of income jointly as well as more formally established partnerships. The partnership is required to prepare and lodge an income tax return on a reasonably pure flow through basis. There is no tax liability at the partnership level. The relevant portion of the taxable income or loss of a partnership is returned in the income tax return of each of the partners which is then taxed in their hands. Like a trust, income retains its nature in the hands of the partners to that derived by the partnership. As partnerships are a not a taxable entity and are treated on a flow through basis each partner can take up their respective share of any partnership losses. There is no capital gains tax in a partnership as each partner is deemed to own a share of each of the assets of the partnership. Accordingly, any gain, or loss, on the disposal of an asset is also shown at the partner level. Trusts Trusts are widely used in Australian business because they offer flexibility, capital gains tax and reporting advantages. Where the income of a trust is distributed, the trust is not taxed but the beneficiary is taxed on the income in their own hands. Income retains its nature as it flows through the trust. For example, interest derived by a trust is regarded as interest in the hands of the beneficiary to whom that interest is distributed. In instances where no beneficiary is presently entitled to the income of the trust, the trustee bears the liability for the tax at the top marginal rate. As noted above, trusts are classified as fixed, non- fixed or hybrid. A fixed trust gives its beneficiaries a fixed entitlement to income and capital. A non- fixed, or discretionary trust, is one in which the trustee has a discretion as to the payment of income and/or capital to the beneficiaries. A hybrid has characteristics of both fixed and non- fixed trusts. The significance of the type of trust arises in a number of circumstances ESV Accounting and Business Advisors 6

7 including the treatment of losses as well as the passing through of tax credits. Losses are not able to be flowed through to the beneficiaries of the trusts (i.e. they are retained inside the trust). To recoup losses there are certain tests that need to be satisfied which vary depending on the type of trust. Great care needs to be taken when structuring with trusts. They offer many advantages but there are also many pitfalls. Recent changes have significantly increased reporting requirements and complexity in relation to trusts and distributions to beneficiaries. Companies Companies are taxed at a flat rate of 30% on every dollar of taxable income. Resident and non- resident companies are taxed at the same rate. The rate of corporate tax is to fall from 1 July 2015 to 28.5%. Accordingly, consideration should be given to utilising deferred tax assets prior to this time. For companies with profits of more than $5M, a Parental Leave levy of 1.5% is imposed; however, the levy will not result in an imputation credit. An imputation system applies to Australian companies, whereby companies can pass through credits for tax paid to their Australian shareholders. The imputation credits (or franking credits) are passed to shareholders via the payment of a dividend to which the imputation credit is attached. The imputation system is primarily designed to prevent double taxation of company profits. However, in the case of non- resident corporates, significant leakage of tax can occur, giving rise to a high effective rate of tax on profits by the time profits are distributed. Imputation credits will only be allowed at a rate of 28.5% (compared to the current rate of 30%) on the change in the company tax rate. Changes to the Thin Capitalisation rules have been enacted for income years beginning on or after 1 July The deminimus interest threshold has increased to $2m, however, once above that level the debt to equity ratio has been significantly reduced to 1.5:1. Companies can carry forward any revenue and capital losses indefinitely subject to satisfying the loss recoupment tests. To recoup a loss, a company must satisfy either the Continuity of Ownership Test ( COT ) or the Same Business Test ( SBT ). Company loss carry back rules have been repealed. Tax Consolidation Regime The tax consolidation regime enables a single income tax return to be lodged in respect of a wholly owned group. When a tax consolidated group is formed all the members of the group are treated as parts of the head company for Australian income tax purposes and transactions between members of the group are ignored for income tax purposes. While entering the consolidation regime is not mandatory groups are required to consolidate if they want to offset profits of one member of the group with losses of another or to transfer assets between group companies without generating income tax consequences. The choice to consolidate must be made before the due date for lodgement of the tax return for the income year in which the consolidated group is formed and is a one in all in election. Generally a single Australian holding company (the head company) is required to form a tax consolidated group, however, it is possible to form a tax consolidated group without a single head company resident in Australia in certain circumstances. Broadly, companies that are owned by non residents or own foreign assets are subject to thin capitalisation rules which generally limit tax deductions for interest where the company s interest exceeds $AUD250,000 and its debt to equity ratio exceeds 3:1. ESV Accounting and Business Advisors 7

8 The head company automatically becomes the owner of the assets of its subsidiaries for income tax purposes on formation of a tax consolidated group. As a result the tax cost of the assets must be reset. This is achieved by effectively pushing down the head company s investment in the subsidiary to the assets of the subsidiary. The tax costs of the head company s assets are not reset. When a subsidiary member leaves a consolidated group a push up is undertaken which uses the tax value of the assets to calculate a tax cost of the shares in the leaving entity. In addition to the standard COT and SBT rules to determine availability of tax losses there are additional rules in relation to losses of a tax consolidated group. Essentially where losses are either transferred to the head company on formation of the group or transferred to a tax consolidated group when a member joins after formation the rate at which the losses can be used is limited. The rules concerning the tax consolidation regime are complex and professional advice should be sought. OTHER TAXES Goods and Services Tax ( GST ) The GST regime is a broad base consumption tax applying at a rate of 10%. An enterprise is required to register for GST where its taxable supplies exceed, or are likely to exceed, $75,000 per annum. An enterprise that is not likely to exceed these thresholds may voluntarily register. Registration entitles enterprises to an input tax credit for GST paid on business inputs. It also requires the enterprise to account for GST on all goods and services that it supplies within Australia unless the supply is GST free (refer below) and remit the net amount due on a monthly, quarterly or annual basis depending on the size of the enterprise. Activities are classified as subject to GST, input taxed or GST free. Most goods and services are subject to GST. Input taxed transactions are items such as financial supplies, residential rent and supplies of residential real estate, other than new residential properties. GST free supplies include health supplies and services, exports and unprocessed food. No credits are allowed for the GST paid on business inputs relating to input taxed transactions. Fringe Benefits Tax ( FBT ) FBT is a federal tax levied on resident and non resident employers on benefits provided to employees or their associates in relation to their employment. Benefits are defined very broadly and include such things as the provision of a car, loans, meals, entertainment or the payment of expenses. The rate of fringe benefits tax is 47% for the year. Concessional treatment in respect to many benefits currently makes salary packaging a frequently used technique to structure remuneration packages. The rate of FBT will increase to 49% in line with the Temporary Budget Repair levy for the year onwards. ESV Accounting and Business Advisors 8

9 For employees transferred internationally, we recommend that employers and the employees seek advice in relation to these benefits prior to drafting employment agreements as recent changes have significantly altered the packaging options. Excise Excise duty is a tax levied on certain types of goods produced or manufactured in Australia. The goods on which excise duty is imposed are called excisable goods. Excisable goods include alcohol, petroleum, tobacco and coal. You have to be registered with the Australia Taxation Office before you can be licensed to: Produce, store, deal in or manufacture excisable goods; Move excisable goods underbond (that is, excisable goods on which duty has not been paid); and Lodge returns and claims. Once you have registered for excise, you are registered for all excise activities. If you wish to undertake an excise activity, then you need to apply for the licence relating to that activity. Stamp Duty State and Territory Governments impose taxes on a range of transactions. These taxes vary across state and territories, and can be called stamp duty, transfer duty or general duty. Taxable transactions include: Transfer of property (such as businesses, real estate or shares); Motor vehicle registration and transfer; Insurance policies; Leases and mortgages; and Hire purchase agreements. Payroll Tax Payroll tax is a state based tax which is levied upon an employer when their payroll exceeds a given threshold. Employers may be grouped for payroll tax purposes. If an employer has employees in a number of States, then the tax- free threshold is apportioned between the States. Land Tax Land tax is an annual State Government tax payable by the owner of land. Land tax is imposed in all states and the ACT, but not in the Northern Territory. Each state and territory is responsible for administering its own land tax laws. The amount of land tax payable is calculated on the basis of the combined unimproved value of taxable property owned. Rural land and the principal place of residence of individuals is generally exempt from land tax. ESV Accounting and Business Advisors 9

10 COMMENCING & CEASING BUSINESS Establishing an Australian Company It is a relatively simple process to arrange for a company to be established in Australia. There is a minimum amount of information required to establish a general purpose company with non- specific and broad ranging powers, although there are a number of practical issues (e.g. the requirement regarding Australian resident Directors). Every Australian registered company receives a number known as the Australian Company Number (ACN). Companies carrying on business are generally required to register on the Australian Business Register (ABR) and are issued with an ABN. Companies must display certain information (name, ABN etc) on all public documents and negotiable instruments issued by the company and at every office and place of business in Australia that is open and accessible to the public. Business Names All business entities that trade in a name other than their own are required to register that business name in every State and Territory in which the name is being used. Registration of a business name does not convey ownership of the name. It does, nevertheless, provide some protection in that other parties will not be allowed to register a name already taken in a state or territory. A business name does not form part of a business intellectual property. Registering a name for use does provide proprietary rights. Ceasing business Foreign companies ceasing to trade in Australia must notify ASIC of their intention. Australian companies do not need to advise ASIC unless the company is being wound up. Companies can be wound up voluntarily or creditors may initiate winding up. ASIC can also wind up a company where it is in the public interest to do so. Companies that experience financial difficulties have remedies available to them under Australia s insolvency laws which may prevent a compulsory winding up. This is a complex area and we recommend that businesses experiencing such stress obtain advice as early as possible. Registering a Foreign Company A foreign company that wishes to carry on business in Australia must be registered with ASIC. Foreign companies registered as carrying on a business in Australia receive a number known as an Australian Registered Body Number (ARBN). All entities that cease to trade are required to cancel their business registrations. A local representative is often required by the respective authorities. A local agent can be responsible for the lodgement of documents if required. ESV Accounting and Business Advisors 10

11 FINANCIAL REPORTING & AUDIT Public company An audit is required unless the company is a wholly owned subsidiary which has a specific class order. This class order requires cross guarantees from an Australian parent to be in place. Large proprietary company Overview Generally, the size and type of company determines the financial reporting requirements. In Australia, the following entities are required to prepare annual financial reports which must be audited: Public companies (listed and unlisted); Large proprietary companies; Small foreign controlled proprietary companies. Financial reports can take the form of either General Purpose or Special Purpose Financial Statements. General Purpose Financial Statements must be prepared for reporting entities requiring the application of all accounting standards. Non- reporting entities preparing Special Purpose Financial Statements are only required to apply a minimum number of accounting standards. The application of auditing standards carries the force of law in Australia. Auditors must be registered with ASIC. ESV has partners who are registered company auditors and are also part of the Public Company Accounting Oversight Board (PCAOB) in the United States of America. Generally large proprietary company require an audit unless an exception applies. In addition exceptions to lodge financial reports with ASIC maybe available even though an audit may still be required. Where none of the exceptions apply large proprietary companies must prepare an audited financial report and lodge it with ASIC. Small proprietary company controlled by a foreign corporation If the parent company lodges consolidated financial reports with ASIC the subsidiary is not required to prepare a financial report. If the parent company does not lodge financial reports with ASIC then a large variety of criteria need to be assessed to determine if either financial reports and/or an audit is required. Small proprietary company controlled by shareholders other than a foreign corporation An audited financial report is required if the company received a request to lodge an audited financial report from more than 5% of shareholders or ASIC. Registered foreign company A foreign company is required to lodge financial reports with ASIC at least once every calendar year as well as at intervals of not more than 15 months. Doing Business in Australia 2014 ESV Accounting and Business Advisors 11

12 EMPLOYERS Individual Flexibility Arrangements Your modern award or enterprise agreement must include a flexibility term. This term allows you and your employer to agree to an Individual Flexibility Arrangement (IFA), which varies the effect of certain terms of your modern award or enterprise agreement. IFAs are designed to meet the needs of both employee and employer. An employee cannot be forced to make an IFA. Overview Australia has a strong history in providing safe working conditions and rights to its workers. Employers have various obligations to employees and other workers which stem from a variety of sources. Contracts Written common law contracts of employment also set out wages and conditions for employees not covered by an award or agreement. Awards/Agreements and Contracts Awards Employees may be covered by an award. Awards cover an industry or occupation and provide additional enforceable minimum employment standards including but not limited to minimum wages, types of employment, flexible working arrangements, hours of work, rest breaks, leave, superannuation and procedures for consultation, representation, and dispute settlement. They may also contain terms about industry specific redundancy entitlements. Agreement Making Employees may be involved in an enterprise bargaining process where your employer, you or your representative (such as a union or other bargaining representative) negotiate for an enterprise agreement. Once approved by Fair Work Australia, an enterprise agreement is enforceable and provides for changes in the terms and conditions of employment that apply at your workplace. Employee leave and holiday entitlements Most workers are paid for public holidays, except for contract workers and casual employees who are paid for hours worked. Other paid leave, for most workers except those mentioned above, should include annual or recreation leave, sick leave and long service leave. Superannuation Under Australian law employers are required to provide minimum superannuation support to their employees. The current rate is 9.5% (9.25% up to 30 June 2014) of ordinary times earnings (essentially gross salary). However, there are certain exclusions with respect to certain aged employees, low income earners, employees in Australia on certain visa s etc. Where payment of superannuation is required, payments must be made to a complying superannuation fund within 28 days following the end of the relevant quarter. The payment of superannuation is required to be made into a complying superannuation fund. ESV Accounting and Business Advisors 12

13 Workers Compensation Insurance & Occupational Health and Safety (OH&S) All employers must have a valid workers compensation policy to insure themselves against compensation claims for workplace injuries sustained by employees and certain contractors. The premiums for this type of insurance vary from industry to industry. Workers compensation provides protection to workers and their employers in the event of a workplace- related injury. Broadly, under OH&S legislation employers are obliged to provide a safe working environment for employees. Failure to do so can result in fines and/or prosecution. Immigration requirements It is important to check potential employee s work rights to ensure that only people entitled to work in Australia are legally employed. All immigration to Australia is controlled by the federal government through the Department of Immigration and Citizenship (DIAC). There are numerous migrant work visas that have different selection criteria to qualify it is necessary to seek information about the options from DIAC as facts and circumstances vary. ESV Accounting and Business Advisors 13

14 IMPORT AND EXPORT CONTROLS MIGRATION Overview There are a number of visa options available for people who wish to migrate permanently to Australia and who have the required skills and qualifications. Some common areas include: Overview The Australian Customs Service is charged with managing security and integrity of Australia s borders. The Customs Service works closely with other bodies such as the Australian Federal Police, the Australian Quarantine and Inspection Service, the Department of Immigration and Citizenship and the Department of Defence to detect and deter the unlawful movement of goods and people across Australia s borders. Goods being imported into Australia are generally subject to duties and GST, although goods of a value under $1,000 may enter without duty being imposed. Employer Sponsored Workers: For people with recognised skills seeking to work in Australia after being sponsored by an Australian or overseas employer. Professionals and other Skilled Migrants: This program is for people who are not sponsored by an employer but who have skills in particular occupations required in Australia. Business People: For people to come to Australia for a business- related visit. Also for people to establish, manage or develop a new or existing business, or invest in Australia. Special Activities: For people to participate in specific professional, cultural or social activities, or to receive medical treatment. Foreign exchange There are few restrictions to moving funds in and out of Australia except for movements of cash. Movements of cash in excess of AUD $10,000 must be reported under the Financial Transaction Reports Act. These transaction reports are aimed at detecting crime including money laundering, tax evasion and funding illegal organisations. Doing Business in Australia 2014 ESV Accounting and Business Advisors 14

15 Visa Options Business People Business visits For business people to visit Australia for business purposes, for example, to attend a conference or training session, to conduct business with an Australia- based organisation, to conduct business negotiations or for an exploratory business visit. Business Development - Provisional These visas, known as Business Skills visas, are for business people to establish a business in Australia, manage a new or existing business or invest in Australia. All except the Investor Retirement visa offer a pathway to permanent residence. Business Development - Permanent These visas, known as Business Skills visas, are for people who have established the required level of business in Australia while holding a provisional visa. A direct permanent residence visa is also available for high- calibre business people. ESV Accounting and Business Advisors 15

16 CONTACT DETAILS Tax Audit Kurt Baker Partner Phone Chris Kirkwood Partner Phone David Prichard Partner Phone Tim Valtwies Partner Phone Phone: Fax: DISCLAIMER: The material presented in this document is general commentary. The facts of each particular situation may vary, as may legislative and judicial interpretation of the applicable laws and regulations commented upon. The comments and information herein do not constitute a legal or professional service. Advice should be sought from ESV Chartered Accountants and other relevant professional advisors before acting upon any of the topics mentioned. Australia vdp0112 This material is copyright ESV Chartered Accountants and may not be reproduced, in whole or part, without our written consent. ESV Chartered Accountants is a member of The International Accounting Group (TIAG). TIAG is a worldwide alliance of independent accounting firms. Liability limited by a scheme approved under Professional Standards Legislation. ESV Accounting and Business Advisors 16

DOING BUSINESS IN AUSTRALIA. Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com.

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