The Australian Securities and Investments Commission (ASIC)
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The aim of ASIC is :: to assist in reducing fraud and unfair practices in financial markets and financial products.
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operates under the ASIC Act, meaning they regulate:
- Financial services
- Consumer credit
- Markets
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ASIC collects information about companies and makes it available to the public.
- the financial information that must be disclosed in their annual reports.
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In 2019; whistleblower protections were expanded
Company taxation
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- All (incorporated) Australian businesses are required to pay company tax on profits.
- Company tax is charged as a flat rate on net profits:
- ==25%== for small businesses (turnover < $50 million)
- 30% for larger businesses (turnover > $50 million)