Companies news

Mazars shares its 2022-23 guide to doing business in Australia

5 August 2022

This guide looks at the established legal, political, financial, and social system of Australia and helps investors navigate Australian business.

Mazars in Australia has published their business handbook for Australia 2023/2023. This publication aims to present Mazars to investors wishing to do business in Australia.

Below is a snapshot of Mazars Guide to Doing Business in Australia starting with three things to remember when navigating through the legal, tax and accounting environment in Australia.

What type of business structures can you use to carry on a business in Australia?

Generally, there are four types of business structures that you can use to conduct business in Australia.

Individual (sole trader)
Partnership
Joint Venture
Trust
Company (public or private)

Each structure has several benefits and disadvantages, so it is important to ensure you understand the differences between them, as they have different tax, legal and compliance requirements.

Does my business have to have an ABN?

An ABN (Australian Business Number) is an 11-digit number issued by the Australian Business Register.

All businesses carrying on an enterprise in Australia are required to have an Australian Business Number (ABN). This provides some certainty that the entity carrying on business is registered with the Government and prevents withholding on payments made to it.

Are there foreign investment regulations that businesses need to be aware of?

The Australian government adopts an “open for business” stance and aims to reduce barriers for investment. There are several considerations for foreign investment in Australia.

Foreign investment is regulated by the Foreign Acquisitions and Takeovers Act 1975 (Cth) (FATA). Certain foreign investment proposals will require review and approval by the Foreign Investment Review Board (FIRB).

Additionally, there are industry-specific regulations that affect foreign investment into certain industries, e.g., banking.

Learn more about doing business in Australia by visiting the Mazars website Guide to Doing Business in Australia and download your copy here.

Source: Mazars