Being one the world’s major continents, Australia consists of six states with their own judicial body. These states are as follows:

• New South Wales
• South Australia
• Western Australia
• Queensland
• Victoria
• Tasmania

Apart from these major states, Australia also has three federal states and seven territories located outside the mainland.

The implication of these political and geographic boundaries in terms of judicial practice is inevitable because of the individualistic nature of its composition. Also, in order to exercise its autonomy, it is predictable for every separate state to implement their own rules and regulations for the welfare of their territory.

The need for a solid governing body across the six states was not realized until 1934, after years of debate between the different practicing authorities of Australia. Consequently, the Law Council of Australia was established as agreed upon by the following bodies - Law Institute of Victoria, the Law institute of New South Wales, Law Society of South Australia, Queensland Law Society, Northern and Southern Law Societies in Tasmania. This consolidation of judicial practice for the six major states also applies to the ten territories outside mainland boundaries as stipulated by the Constitution of the country.

To date, there are eight Constituents of the Law Council of Australia allowed to represent the legal bodies nationally in order to control the practice and preserve the integrity of the Australian Constitutional Law.

1. Australian Capital Territory Bar Association

2. New South Wales Bar Association

3. Northern Territory Bar Association

4. Bar Association of Queensland

5. South Australian Bar Association

6. Tasmanian Independent Bar

7. The Victorian Bar

8. Western Australian Bar Association

Due to the unification of the practice, there is no concept of “foreign practice” when you go across boundaries from where your license is acquired. Being a foreign practitioner does not mean your litigation capabilities is limited and cannot be fully exercised. Since this scenario is inevitable, the Australian Constitutional Law prescribed procedures for interstate practitioners who want to practice their profession outside their judicial boundary. This rule reinforces the unified law system and allows the inter-state practitioners cross jurisdiction without conflict of interest.

However, “foreign practice” only applies for overseas acquired license. The Australian Constitutional Law, also referred to as the Priestley Committee, requires the practitioner to complete a short course in a duly recognized University that covers the eleven basic principles of Australian Constitutional Law.

As per the Constitution, there is a standard set of skills used to gauge the practitioner’s readiness to become a full-pledged lawyer. These can be covered in the undergraduate programs offered by accredited universities and gathered over time and experience through internship programs across the country.

Here are the eleven basic areas of the Australian Constitution, more commonly referred to as the “Priestley 11.”

1. Criminal Law and Procedure, basically covers the definition and elements of crime, as well as the general doctrines applicable for both offense and defense. This also includes homicide and defenses, non-fatal offences against a person, offences against property, as wells as their classifications, procedure, trial, and bail.
2. Torts, or tortfeasor, studies the legal aspects of negligence whether intentional or accidental and its equivalent compensation schemes. This includes understanding the very definition and range of possible cases it covers, the damages entailed, and concurred liabilities.
3. Contracts cover the legalities and content of a contract such as its limitations, considerations, capacity, and formality.
4. Property covers the basic definition and concept of property. It discusses the manner of real estate acquisition, sale, and documentation governing ownership, as well as the nature and types of property interest. It also discusses the legalities of concurrent ownership, proprietary interests and mortgages.
5. Equity discusses the very nature of its definition and how it applies to equitable rights and interests, obligations, unacceptable transactions, and equitable remedies. This area also includes trust law and its various types in relation to their manner of creation and variation, implementation, and consequences in the case of breach of contract.
6. Company Law covers the representation of the corporate personality as an individual entity that can enter into contract. It also covers the different facets of company liability to its directors, officers, and members. It studies the incorporation process and establishment of the corporate constitution and its administration of companies, as well as its financial obligations and security.
7. Administrative Law covers the common laws of the land and the theories governing it. Its focal point is the discussion of organization and structure of the administration, grounds of judicial reviews, remedies, crown immunity, appeals, statutory review, and freedom of information.
8. Federal and State Constitutional Law covers the Commonwealth Constitution and the constitutional system it reinforces. It discusses the relationship between the various government institutions and their individual capabilities as ruling bodies in their respective department.
9. Civil Procedure, as the name implies, covers the study of litigation, its procedure and its consequent costs and manner of control. It breaks down litigation into the services from where it originates, the claimants and parties involved, defining questions for trial, possible disposition sans the trial thru out of court settlement, extra-judicial cases determination, judgment, appeal, and enforcement.
10. Evidence covers the thorough discussion of the materials presented to corroborate or debunk a judicial case. It establishes the parameters of competence and compellability when presenting evidence, examination of witnesses relative to the procedure, assessment of disposition and character, standards of proof, documentation, legalities of its acquisition and the possibility of predetermined judgment and presentation of opinionated evidence.
11. Ethics and Professional Responsibility, in general, is the professional and personal conduct with respect to the law, the courts, the clients, and to other practitioners.

As of October 2014, the national census recorded a total number of 66,211 practicing solicitors in Australia. Statistics shows that the state with the leading number of practitioners is New South Wales with 41.6% registered solicitors followed by Victoria with 24.5%, and Queensland with 15.7%.

Reference:

• 1.http://www.australia.gov.au/about-government/how-government-works/state-and-territory-government
• 2.http://www.lawcouncil.asn.au/lawcouncil/index.php/about-the-law-council-of-australia/our-history
• 3.http://www1.lawcouncil.asn.au/LACC/images/pdfs/212390818_1_LACCUniformAdmissionRules2008.pdf

Being one the world’s major continents, Australia consists of six states with their own judicial body. These states are as follows:

• New South Wales
• South Australia
• Western Australia
• Queensland
• Victoria
• Tasmania

Apart from these major states, Australia also has three federal states and seven territories located outside the mainland.

The implication of these political and geographic boundaries in terms of judicial practice is inevitable because of the individualistic nature of its composition. Also, in order to exercise its autonomy, it is predictable for every separate state to implement their own rules and regulations for the welfare of their territory.

The need for a solid governing body across the six states was not realized until 1934, after years of debate between the different practicing authorities of Australia. Consequently, the Law Council of Australia was established as agreed upon by the following bodies - Law Institute of Victoria, the Law institute of New South Wales, Law Society of South Australia, Queensland Law Society, Northern and Southern Law Societies in Tasmania. This consolidation of judicial practice for the six major states also applies to the ten territories outside mainland boundaries as stipulated by the Constitution of the country.

To date, there are eight Constituents of the Law Council of Australia allowed to represent the legal bodies nationally in order to control the practice and preserve the integrity of the Australian Constitutional Law.

1. Australian Capital Territory Bar Association

2. New South Wales Bar Association

3. Northern Territory Bar Association

4. Bar Association of Queensland

5. South Australian Bar Association

6. Tasmanian Independent Bar

7. The Victorian Bar

8. Western Australian Bar Association

Due to the unification of the practice, there is no concept of “foreign practice” when you go across boundaries from where your license is acquired. Being a foreign practitioner does not mean your litigation capabilities is limited and cannot be fully exercised. Since this scenario is inevitable, the Australian Constitutional Law prescribed procedures for interstate practitioners who want to practice their profession outside their judicial boundary. This rule reinforces the unified law system and allows the inter-state practitioners cross jurisdiction without conflict of interest.

However, “foreign practice” only applies for overseas acquired license. The Australian Constitutional Law, also referred to as the Priestley Committee, requires the practitioner to complete a short course in a duly recognized University that covers the eleven basic principles of Australian Constitutional Law.

As per the Constitution, there is a standard set of skills used to gauge the practitioner’s readiness to become a full-pledged lawyer. These can be covered in the undergraduate programs offered by accredited universities and gathered over time and experience through internship programs across the country.

Here are the eleven basic areas of the Australian Constitution, more commonly referred to as the “Priestley 11.”

1. Criminal Law and Procedure, basically covers the definition and elements of crime, as well as the general doctrines applicable for both offense and defense. This also includes homicide and defenses, non-fatal offences against a person, offences against property, as wells as their classifications, procedure, trial, and bail.
2. Torts, or tortfeasor, studies the legal aspects of negligence whether intentional or accidental and its equivalent compensation schemes. This includes understanding the very definition and range of possible cases it covers, the damages entailed, and concurred liabilities.
3. Contracts cover the legalities and content of a contract such as its limitations, considerations, capacity, and formality.
4. Property covers the basic definition and concept of property. It discusses the manner of real estate acquisition, sale, and documentation governing ownership, as well as the nature and types of property interest. It also discusses the legalities of concurrent ownership, proprietary interests and mortgages.
5. Equity discusses the very nature of its definition and how it applies to equitable rights and interests, obligations, unacceptable transactions, and equitable remedies. This area also includes trust law and its various types in relation to their manner of creation and variation, implementation, and consequences in the case of breach of contract.
6. Company Law covers the representation of the corporate personality as an individual entity that can enter into contract. It also covers the different facets of company liability to its directors, officers, and members. It studies the incorporation process and establishment of the corporate constitution and its administration of companies, as well as its financial obligations and security.
7. Administrative Law covers the common laws of the land and the theories governing it. Its focal point is the discussion of organization and structure of the administration, grounds of judicial reviews, remedies, crown immunity, appeals, statutory review, and freedom of information.
8. Federal and State Constitutional Law covers the Commonwealth Constitution and the constitutional system it reinforces. It discusses the relationship between the various government institutions and their individual capabilities as ruling bodies in their respective department.
9. Civil Procedure, as the name implies, covers the study of litigation, its procedure and its consequent costs and manner of control. It breaks down litigation into the services from where it originates, the claimants and parties involved, defining questions for trial, possible disposition sans the trial thru out of court settlement, extra-judicial cases determination, judgment, appeal, and enforcement.
10. Evidence covers the thorough discussion of the materials presented to corroborate or debunk a judicial case. It establishes the parameters of competence and compellability when presenting evidence, examination of witnesses relative to the procedure, assessment of disposition and character, standards of proof, documentation, legalities of its acquisition and the possibility of predetermined judgment and presentation of opinionated evidence.
11. Ethics and Professional Responsibility, in general, is the professional and personal conduct with respect to the law, the courts, the clients, and to other practitioners.

As of October 2014, the national census recorded a total number of 66,211 practicing solicitors in Australia. Statistics shows that the state with the leading number of practitioners is New South Wales with 41.6% registered solicitors followed by Victoria with 24.5%, and Queensland with 15.7%.

Reference:

• 1. http://www.australia.gov.au/about-government/how-government-works/state-and-territory-government
• 2. http://www.lawcouncil.asn.au/lawcouncil/index.php/about-the-law-council-of-australia/our-history
• 3. http://www1.lawcouncil.asn.au/LACC/images/pdfs/212390818_1_LACCUniformAdmissionRules2008.pdf

The primary function of an accountant in Australia is to plan and provide accounting systems and services associated to taxation and financial transactions of individuals and organizations, and give advice on record-keeping and compliance requirements.

The accounting profession in Australia is booming. For the past ten years, the number of employed professional accountants in Australia has increased from 134,000 in 2004 to over 193,000 in 2014. The projected employment level in 2019 for this profession is around 218,700. The different industries in Australia hiring accountants are very favorable for employment growth prospects.

Shortage of Accountants in Australia

There is a shortage of accountants in the Australian labor market. To solve this issue, the Australian Federal Government included accountants in the Migrant Occupations in Demand List (MODL) in September 2004. The DEWR or the Department of Employment and Workplace Relations based their decision on the assessment done on the Australian job market. In order to be included in the list, an occupation should be in widespread shortage all over Australia. According to the CPA Australia’s Director of Education, it is important for the government, colleges/universities and the professionals to work together to solve the skill shortage.

Legally Recognized Accounting Bodies in Australia

CPA Australia, the IPA (Institute of Public Accountants), and the ICAA (Institute of Chartered Accountants of Australia) are the three legally recognized accounting bodies in Australia. Their role is to make sure that entities with which they are involved would comply with the Australian Accounting Standards Board (AASB) in preparing their financial reports. They are also the assigned assessing authority selected by the Australian Department of Immigration and Citizenship to carry out skill and qualification assessments for the purposes of the Employer Nomination Scheme and General Skilled Migration.

1. CPA Australia

CPA Australia is the 6th largest accounting body recognized worldwide. It has over 150,000 members across 121 countries. The group’s international presence grows continuously in terms of influence in the profession globally and representation on international bodies. When it comes to financial reporting, corporate governance and taxation, they are considered as the leaders not just in Australia but worldwide.

Their core services for members include education, technical support, advocacy and training. Members and staff work hand in hand with international and local bodies to represent the views and problems of the profession to federal, state and territory government as well as to academia, industry, regulators, and the general public.

To become a member of CPA Australia, you must be a degree holder or a recipient of a postgraduate award recognized by the body, has demonstrated competence in the body’s prescribed foundation level knowledge and completed CPA Australia’s professional level exams successfully, as well as the Practical Experience Requirement.

In order for you to continue your membership with CPA Australia, you need to complete 120 Continuing Professional Development hours for a 3 year period with 20 CPD hours every year.

1. The Institute of Public Accountants (IPA)

The IPA is a professional group for accountants recognized for their hands-on, practical skills and has a wider knowledge of the total business environment. It is a progressive, responsive accounting group committed to professional development, integrity and professionalism. It represents over 35,000 members working in government, industry, private practice, commerce and academia.

The IPA has 3 levels of membership- the Associate (AIPA), the Member (MIPA) and the Fellow (FIPA).

For Associate, a member should have an Australian Advanced Diploma of accounting or a Bachelor Degree in accounting or current BAS Agent or Tax Agent registration.

For MIPA a member should have an Australian Advanced Diploma of Accounting, two years of pre-IPA program full-time or its equivalent working experience in accounting or similar fields, was able to complete an IPA Program with 12 subjects and mentored experience program.

For FIPA, you must be a member (MIPA) for seven years or equivalent and should have ten years of experience in accounting (the last five years should be at a senior level).

1. The Institute of Chartered Accountants of Australia (ICAA)

The ICAA in Australia is the professional accounting body that represents Chartered Accountants in Australia. It has more than 50,000 members and has 12,000 students.

In order to become a member, you need to complete the Chartered Accounting Program including study of the Graduate Diploma in Chartered Accounting and 3 years of practical experience. The program is available for accounting degree holder, those who were not able to complete the accounting degree can become a member after completing additional requirements.

A Chartered Accountant should be able to complete a total of 120 hours of CPE or Continuing Professional Education every 3 years.

Accounting Specializations and Their Wages

An ordinary Australian accountant earns an average salary of AU$54,988 every year. The average salary for a Senior Accountant is around AU$70,180 per annum. Below are some of the accounting positions available in Australia with their corresponding average salary per year.

Accounting Positions Average Salary

Assistant Accountant/Part Qualified $52,925

Analysis and Planning $86,844

Audit and Risk Accounting $87,899

Bookkeeping $51,364

Company Secretary $109,019

Cost Accounting $87,355

CPA/Chartered Accountant $83,640

Financial Accounting $82,471

Management Accounting $83,704

Other Accounting $69,815

Procurement and Inventory $75,802

Taxation Accountant $82,729

The Demand for Accountants in Australia

The need for accountancy talent extends to professional accounting companies, which are short of experienced accountants. Audit seniors remain in very high demand.

In commerce, there is also a high demand for Management Accountants with strong qualifications, hands-on Finance Managers with industry experience, experienced business partnering Analysts, Tax Accountants and Project Accountants.

As long as they keep their skills up to date, are digitally literate, and remain connected to their industry through networking, social media and their recruiter, professionals in these areas will continue to experience career success.

Sources:

http://joboutlook.gov.au/occupation.aspx?search=alpha&tab=stats&cluster=&code=2211

http://www.smh.com.au/business/does-australia-have-too-many-accountants-20140212-32huu.html

http://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm#tab-4

New Licenses

Individuals or companies involved in the building industry must procure licenses to build in Australia. To get a builders’ license, you must first pass the board examinations. If you are able to meet the standards, and showed eligibility for the work, the Australian government will grant you a license to work as a builder. You can fill up the forms or register online, or phone 131 882, to have the staff complete the forms for you so you can sign it afterwards. You can also visit the CBS customer service centre in Adelaide to have assistance to have it done in person. All of these building and contractor licenses will require renewal every year.

Expired licenses

Australian building licenses require renewal every year, though some licenses can last for up to three years. To renew your license, you may go directly to the government offices, or simply have your renewal followed up online. The Australian government industry site gives you the option for online renewal.

Spending on infrastructure

Both public and private sectors contribute to the infrastructures found in Australia. In the first quarter of the year ending in March 2015, the value of the total work done has amounted to $ 23 367.8 million. For this quarter, there has been an increase of 2.0% in Australia’s trend estimates. The total value of work done has also risen to $23 619.7 million at 3.7% for March 2015’s seasonal adjusted estimate, which followed the 1.9% increase in the quarter of December 2014.

The building industry greatly influences the progress of the country for builders of both private and public sectors. Because of this, all builders have to seek approval for work. From the June 2015 reports, the total approved dwelling units are at the number of 18 724 units. This trend estimate shows a 1.2% fall for June, and the trend estimate shows that it has been falling since the past four months. The seasonally adjusted estimate (SJE) has also fallen at 8.2%, following the 2.3% rise seen in May of 2015.

The approved private sector houses number at 9663 out of the 18 724 dwelling units, and basing on the trend estimates, there is no change from the reports made in the last month. There is a 4.3% rise in the SJE in the housing for the private sector in the month of June. This follows the 8.9% fall of the previous month.

For June of 2015, the private sector dwellings excluding houses numbers at 8778 out of the 18 724 approved dwelling units, basing on the trend estimates. There has been a 2.4 percent fall in the private sector dwellings that exclude houses and the trend estimates show that it has been falling continuously in the past four months.

The seasonally adjusted estimate for private sector dwellings excluding houses has fallen June 2015 at 20. 4 percent. This follows the 17.1 percent rise from the month before.

Dwelling Units Approved by State

In New South Wales, there was a 2.9 percent fall in June following a continuous three month fall in the trend estimates. For private sector houses, the numbers have been rising for the past seven months and have risen another 2.0 percent in June of 2015.

In Victoria, trend estimates show that there has been a 1.8 percent fall in June 2015, and have been falling for four months. There is also a four month fall for the private sector houses in Victoria, and has seen another 1.3 percent dip in June 2015.

Queensland shows a steady two-month rise marked by the .2% rise in June 2015. Trend estimates for private sector housing have also shown a .3% rise following a fall seen in the previous seven months.

June 2015 reports show that the total number of dwellings approved in South Australia have seen a decline in the past seven months, and has seen a 4.1 percent decrease in June 2015. The trend estimates for private sector housing show a .2% rise in June, and an overall increase seen in the previous five months.

Western Australia has a marked decline in total approved number of dwellings in the previous nine months. There is a 1 percent fall in the houses of the private sector in June 2015, and a total decline seen in the previous fifteen months according to the trend estimate.

The total value of approval in building in Australia has fallen 0.9 percent for June 2015. It has been falling for the previous four months. Non residential buildings approvals have also fallen by 0.6 percent, and they have shown a decrease since the previous half of the year.

The value of the total buildings approved for June 2015 basing on the seasonally adjusted estimates has seen a rise in May of 2015, but followed by a 5.3 percent dip for the month of June. Residential construction value rose 3.1 percent in May 2015, but dropped 8.8 percent in June. Non residential buildings have picked up from a two month fall, its value rising to 3.9% in June 2015.

http://www.abs.gov.au/ausstats/abs@.nsf/mf/8731.0

https://www.sa.gov.au/topics/business-industry-and-trade/licensing-and-regulation/licensing/construction/building-work-contractor-s-licence

http://www.abs.gov.au/ausstats/abs@.nsf/Latestproducts/8731.0Main%20Features3Jun%202015?opendocument&tabname=Summary&prodno=8731.0&issue=Jun%202015&num=&view=

http://www.commerce.wa.gov.au/building-commission/builders-licensing-and-registration-overview

Australia's electrical industry continues to thrive with the growing number of customers looking for utility service providers for fixing electrical issues. The industry reports a need for more electricians to meet consumer demand. 

Licenses are required for electricians to carry out their responsibilities. The licensing information, job descriptions as well as other statistics in the following sections should introduce the industry to aspiring electricians.

Electricians' Responsibilities

An electrician's responsibilities in general include electrical system assembly, installation, maintenance, testing, and repairs for residential, industrial and commercial purposes. Depending on his license, an electrician may also perform equipment, appliances and facilities testing and repairs.

An electrician is classified differently from an automotive electrician, an expert in automobile electrical systems. Automotive electricians require a specific license to work in their field.

Skill Requirements

General electricians need to be qualified for a specific skill level and meet work experience requirements before getting to work in this field. In Australia, the basic qualification is having Australian Qualifications Framework (AQF) III with a minimum of two years on-the-job training experience. AQF is the classification of educational qualification standards in Australia. AQF Certification III holders possess both knowledge of theories and hands-on procedures needed in the field they're planning to enter. They also possess required skills for their work or further studies.

AQF Certificate IV holders can also become licensed electricians. Aside from possessing theoretical and hands-on knowledge, they possess specialized skills that prepare them for further skilled work or advanced learning.

In New Zealand, aspiring electricians must possess NZ Register Level 4 qualification, which is also equivalent to ANSZCO Skill Level 3. ANZSCO stands for Australian and New Zealand Classification of Occupations, a skill-based classification system to group all job types in both Australia and New Zealand.

The aforementioned requirements are considered formal qualifications. Those who lack these qualifications may use three years of relevant on-the-job training or actual work experience in the field for licensing purposes.

International electrician license holders who plan to work in Australia and New Zealand needs to obtain country- or state-specific licenses. They would need to undergo skill assessment conducted by Trades Recognition Australia (TRA). New Zealand authorities also require similar skill assessment test for licensing. License regulators would look for skill assessment certificates from these authorities together with other license documents required in their legislation.

License Types

The main licensing authority in Australia is the Electrical Regulatory Authorities Council (ERAC). It works closely with interstate licensing authorities to regulate license distribution. An individual applying for electrical license must go to his preferred jurisdiction's local licensing authority to file for a license. Licensing authorities may give out different license classes, but they generally give the following license types:

Electrical Contracting Work Licenses

Getting this license allot a person to engage in electrical contracting. A contractor may be allowed to offer electrical contract according to specific condition. License and registration is offered for sole proprietor, partnership, and corporation. People applying for this license are often to hold electrician's license or electrical mechanic's license.

Electrical Installing Work Licenses

This license is commonly known as general electrician's license, electrical fitter license, or A Class-A/E license valid for five years. License holder are the electricians servicing electrical systems installed in residential and commercial properties. Licensed electricians specialize in different electrical systems like heavy coil winders, armature winders, railway signals, and others. People with this license can also get sufficient experience to become licensed contractors.

Electrical Training Licenses

This license is provided to electrical trainees and apprentices or individuals. People with this license can carry out electrical jobs under the supervision of a Class A license holder. License validity is up to three years or throughout the training period. An apprentice can apply for general electrician's license after training completion to carry out jobs independently.

Restricted Electrical Work Licenses

A restricted electrical license is handed to individuals working from another trade, but need to carry out electrical-related work in the field. People with this license work as mechanical engineers, diesel fitters, electric motor service expert, marine mechanics, and others. License is still required although electrical work is done occasionally. Licensees must remember that this license doesn't make them eligible to carry out electrical work conducted by general electricians.

Each license type has its respective requirements, which means applicants must know what the license require first to know their eligibility.

Licensing Authorities in Australia

Each state jurisdiction has its own licensing authorities. Applicants must visit these offices if they want to be licensed electrician in their preferred area. They have unique license requirements and terminologies used for license application. The following offices handle licensure in their respective states.

Australian Capital Territory (ACT)

Environment and Sustainable Development

http://www.actpla.act.gov.au/

Commonwealth of Australia (AUS Comm)

Australian Greenhouse Office Department of Environment & Heritage

http://www.greenhouse.gov.au/

New South Wales (NSW)

NSW Fair Trading

http://www.fairtrading.nsw.gov.au/

Department Trade and Investment; Division of Resources and Energy

http://www.resourcesandenergy.nsw.gov.au/

Northern Territory (NT)

NT Worksafe

http://www.worksafe.nt.gov.au/

Queensland (QLD)

Electrical Safety Office Queensland Treasury

http://www.eso.qld.gov.au/

Department of Mines and Energy

http://www.dme.qld.gov.au/

South Australia (SA)

Office of the Technical Regulator

http://www.technicalregulator.sa.gov.au/

Office of Consumeer & Business Affairs (Licensing Only)

http://www.ocba.sa.gov.au/

Tasmania (TAS)

Electricity Standards and Safety, Department of Justice

http://www.justice.tas.gov.au/

Victoria (VIC)

Energy Safe Victoria

http://www.esv.vic.gov.au/

Western Australia (WA)

Energy Safety WA

http://www.energysafety.wa.gov.au/

New Zealand (NZ)

Energy Safety Service, Ministry of Consumer Affairs

http://www.ess.govt.nz/

Electrical Workers Licensing Group Department of Building and Housing

http://www.ewrb.govt.nz/

License Recognition

Electricians can use License Recognition, a website allowing licensed electricians and other tradesmen to know work licenses available for them in another location. They can place their current license then see their eligibility to apply for another license. The website also has license application details for those applying for license.

Employment Statistics

The Australian Government's Department of Employment Occupational gathered report for its Electrotechnology and Telecommunications Trades to show current trade statistics. This data is limited to general electricians servicing the entire country collected in 2014.

According to reports, all states except for Queensland, Victoria, New South Wales, and Tasmania didn't experience tradesmen shortage. It implies they have sufficient skilled electricians servicing their states. Employers may face specific difficulties like employee retention, but they don't pose significant problems to the state.

The other four states experience regional difficulty or regional shortage in electricians. Employers experience high electrician vacancies. Victoria and Tasmania went from no shortage rating in 2013 to regional shortage and recruitment difficulty status in 2014. In Tasmania, there's a good percentage of general electrician filling up job vacancies, but employers who need specialized electricians are having problems finding the right people for the job.

Victoria is experiencing regional shortage in electricians, but its metropolitan area doesn't have any issue with manpower. Its regional employers experience this issue with the low percentage of skilled and experience electricians needed for their job openings.

Queensland and New South Wales have ongoing problems in the electrical trade since 2013. Queensland had metropolitan shortage in 2013, but picked up towards 2014. The problem then shifted to regional market as employers began to experience recruitment difficulties. They claim their inability to match qualified applicants' wage expectations cause continuous vacancies.

New South Wales' metropolitan and regional sectors experience difficulties. Recruitment difficulties in the metropolitan areas include the lack of qualified applicants for residential properties and specialized electrical fields. The entire regional area is reported to experience electrician shortage in general, resulting to continuous vacancies.

Looking at the recent reports, several parts of the country experience shortage in having experienced and skilled electricians. It's a good industry to venture in for individuals looking for a good field to work.

References:

http://www.erac.gov.au/index.php?option=com_content&view=article&id=71&Itemid=474

http://www.abs.gov.au/ausstats/abs@.nsf/Lookup/7C7E426E5F31ACA2CA257B9500131119?opendocument

http://docs.employment.gov.au/node/31555

http://www.aqf.edu.au/aqf/in-detail/aqf-levels/

http://www.abs.gov.au/ausstats/abs@.nsf/Lookup/1220.0Chapter32013,%20Version%201.2

http://www.commerce.wa.gov.au/energysafety/licensing-electrical-workers-and-electrical-contractors

According to the CIA World Factbook, not only Australia is a continent, but it also the sixth largest country in the globe. With its gigantic area, a large number of people, organizations, and infrastructures, among others, are to be expected. However, as stated on different files and accounts, Australia has a low population density comparative to its capacity and other country’s statistics. This is the major reason of why number of school facilities, faculty, and students expresses a minimal quantity.

Statistics on schools

As far back as the year 2000, the number of primary and secondary schools including both government and private institutions, was determined by the Australian Bureau of Statistics (ABS) to be a total of 9, 600. The last count, which was made in the year 2014, resulted with an overall of 9, 389 schools. Evidently, the amount of primary and secondary bodies has decreased to some extent. Comparing the tallies made in year 2013 and 2014, the total number of schools had also declined by a few numbers in which the government sector has been reduced by ten schools. Although six institutions have been added for the non-government sector, the total number of primary and secondary schools had still decreased.

Looking at the totalities made throughout the last five years, it can be seen that the drop in number of primary and secondary schools mostly occurred due to merging of institutions. As specified by the Australian Bureau of Statistics, a total of 160 was reduced, wherein 146 of these were government affiliated and 14 were private schools. Along with this, the total of school admissions increased with an average size of 26 students per school for the government sector, and of 40 students per school for the private sector. Specifically, primary schools acquiring more than 800 registrants expanded from 142 to 247 whilst secondary schools with the same number of enrollments improved from 748 to 772. This shows a positive response in spite of the decline in the number of educational institutions.

As for a higher education, a total of 43 universities are fully operational, as stated by the Australian Trade Commission. Forty of these are Australian institutions, two are international, and one is a private specialty university.

Statistics on students

The population of students in Australia exhibits diversity, varying from the locals to the immigrants and to full and part-time pupils. In 2006, an overall of 3,393,252 primary and secondary education students, including those from the government and private schools, were tallied by the Australian Bureau of Statistics. An optimistic outcome was observed at the 2014 figures, proven by a total increase of 300,849 students. From an overall of 3,645,519 students from year 2013 to the 3,694,101 count in the year 2014, a 1.3% growth has occurred. As the principal source of education, government institutions comprise 2,406,495 of these students or 65.1% of the total whereas non-government schools comprise the remaining 1,287,606 students which equal to the 34.9%. In addition to this, 31,471 students were added to the enrollees in government affiliated institutions whilst an increase of 8,421 and 8,690 students were respectively observed to that of independent and Catholic schools. This positive result was said to be mainly caused by the need in primary education which is apparent by its 2.1% increase. On the other hand, the number of students in need of secondary education stayed stagnant. A rise of 1.1% and 2.1% were also observed in the number of students in Independent and Catholic institutions, correspondingly.

Australia, with its numerous higher education programs, is also well-known to international and exchange students. From the 1.2 million tertiary students in Australia, as stated by ABS in 2010, 857,000 or 72% of this were local students while the remaining 335,000 or 28% were international undergraduates and graduate scholars. Relatively speaking, this high percentage evidently exhibits the various educational opportunities sponsored by Australian universities. Amid year 2005 and 2010, an estimated increase of 25% was observed in the number of college students, having 957,000 from the last five years to a 1.2 million last 2010. A large and rapid growth was also seen in the number of international students but only until 2009. This significant change may be due to a stricter qualification program among universities as the number of foreign understudies continuously rose throughout the years.

Higher education students are also distinguished by their mode of study, with some studying full time while others do partially. According to the DEEWRD Higher Education Statistics of all students in 2010, 70.3% of the overall is composed of full-time students whilst the remaining 29.7% comprises part-time students. Somewhat, this shows that a moderate number of students still struggle and were not able to study fully whether due to financial difficulties or personal troubles.

Statistics on school staff

School staff and faculty also exhibit important roles in the education system, hence, the significance of agreeing statistics of students and academic personnel. According to ABS, an increase of 4,994.9 or 1.3% was observed in the number of full-time equivalent (FTE) in-school staff for primary and secondary schools from the year 2013 to 2014. In detail, an additional 1,969.3 staff or 0.8% of the total was assigned to government institutions while that of Independent and Catholic schools improved by 2.8% (1,792.6) and by 1.7% (1183.0), respectively. The major growth for the number of school stuff comprises teaching employees with 2,480 additional workers. Moreover, administrative and clerical personnel shadowed this increase by 1,404 added members. The rate of instructors to the number of students is also relatively agreeing. From year 2013 to 2014, the teaching staff to student ratio was 13.9 as calculated by ABS.

Similarly, higher education staff is composed of both teaching and non-academic personnel. The Australian Bureau of Statistics quantified 109,000 tertiary education staff in 2011, in which 48,000 were teaching employees and 61,000 were non-academic workers. Relative to the number of higher education students, the amount of teaching personnel was unmistakably lacking.

Statistics on revenue and budget

All educational institutions, either government affiliated or private, require an ample amount of money and a well-pondered financial plan in order for it to be completely operational and effective. The Australia government, together with various private organizations, unceasingly gives efforts to upsurge the funding for learning institutions. However, according to the Parliament of Australia website, school funding still had not significantly changed over the years. In 1999 to 2000, the real expenditure for both government and non-government schools were estimated to be $7.483 billion but only $4.792 billion was actually spent. Comparatively, the funding for 2013-2014 was approximately $13.028 billion whereas a greater amount of $13.487 billion was actually consumed. This shows a lacking in the budget assignment for educational institutions as shown by the 2.5% growth rate of the funds from 2012-2013, in spite of the labors of the Australian government. Hopefully, for the next few years, their efforts may finally pay off and produce a larger school funding.

Reference links:

https://www.studyinaustralia.gov.au/global/australianeducation/universities-and-higher education education

http://www.abs.gov.au/AUSSTATS/abs@.nsf/Latestproducts/4221.0Main%20Features12014?opendocument&tabname=Summary&prodno=4221.0&issue=2014&num=&view=

http://www.abs.gov.au/ausstats/abs@.nsf/Lookup/by%20Subject/1301.0~2012~Main%20Features~Higher%20education~107

http://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/BN/2012-2013/schoolfunding

This article examines the demographic characteristics of Australian doctors including the commencing medical students and interns, and the role of the government in helping the medical workforce.

THE MEDICAL WORKFORCE

According to the Australian Institute of Health and Welfare, there are 95,000 registered medical professionals (including provisionally registered) in 2013. Of this number, many held a general registration (76,358) and most of them also hold a specialist registration (45,866). From 2004 to 2013, there has been an increase by 39% on the total number of registered medical practitioners (excluding provisionally registered). From 65,499 registered medical practitioners in 2004, it increased to 91,467 in 2013. There has also been an increase in the number of employed doctors over the same period.

TYPES OF PRACTITIONER

Medical practitioners have different roles. These include clinicians, researchers, administrators, and teachers. Clinicians or those doctors who spend most time working on the diagnosis, care and treatment of patients are divided into general practitioners, specialists, hospital non-specialists and specialists-in-training.

1. General practitioners

General practitioners are primary care practitioners who are not oriented to a specific medical specialty but rather offer a holistic treatment to patients of all ages. From 2004 to 2013, the growth of supply of general practitioners in Australia has remained steady, ranging from 108 per 100,000 population in 2013 to 113 in 2007 and 2009.

2. Specialists

These are doctors with a qualification awarded by an Australian specialist college to treat certain conditions. The number of specialists has also seen a steady rise from 2004 to 2013, from 110 to 113 per 100,000 population. Of this figure, the ‘physician’ was the broad specialty group with the highest number of practitioners (20.9%). Surgery comes second with 15.6% of clinicians.

3. Specialists-in-training

Specialists-in-training are doctors who have been accepted by a specialist college into a supervised training position.

4. Hospital non-specialists

Hospital non-specialists are doctors who are employed in a salaried position in a hospital who do not have a recognized specialist qualification and who are not undergoing training to gain recognition as specialists. These include resident medical officers, interns, career medical specialists, and other medical practitioners.

GENDER PROFILE

Historically, the field of medicine is dominated by male doctors, but the difference is becoming less pronounced. In 1996, the Australian Medical Workforce Advisory Committee pronounced that female doctors are increasing in numbers at a faster rate than the male workforce. They projected that female doctors will comprise 42% of the workforce by 2025. In 2013, the medical workforce has seen a 38.6% increase in female participation.

Although female doctors are growing in numbers, they are the least represented among specialists. This may be because of the length and structure of training, family and work considerations. But like their increased involvement in medical practice, female doctors are also becoming more involved in specialties. As of 2013, there has been an 8% increase from the 20.3% representation of female specialists of 2004. Among the specialties, females are highly represented in anesthesia, gynecology, obstetrics, and psychiatry. Meanwhile, they demonstrate low participation in surgery.

AGE PROFILE

Australia’s population is ageing and this can adversely affect the supply of medical workforce. This demographic change means a smaller pool of working age from which Australia can draw its health workforce.

From 2004 to 2013, the median age for employed male doctors has remained at 48 years. Meanwhile, the average age for female practitioners slightly changed from just below 41 in 2004 to just over 42 in 2013. Although the median ages for male and female doctors do not vary at all, their age pattern demonstrates a great difference. Male doctors substantially belong to the older group with 90.4% of them belonging in the 75 and up age group. Female doctors on the other hand have a bigger number in the 20 to 35 age group (52.5%).

WAGE

The ABS Survey of Employee Earnings and Hours of 2012 states that the average earnings of fulltime doctors who do not hold managerial positions is $ 2,862.30 per week. The median pay for male doctors is $3,015.60 while female medical practitioners earn $1,226.40 on average.

GRADUATES AND INTERNS

According to Health Workforce Australia, the medical school intake in Australia has been expanding since 2000, hence doubling the number of commencing students from 1,660 in 2000 to 3,469 in 2010. Throughout the years from 2000 to 2010, female medical students have comprised half of the population of commencing medical students. This increase in the number of commencing students has raised the number of commencing interns by more than 56% from 2004 to 2010. It is expected that these numbers will double over the years.

AUSTRALIAN GOVERNMENT AND THE MEDICAL FIELD

Recognizing the importance of the medical field in maintaining the nation’s well-being, the Australian government has always worked hand-in-hand with the medical workforce and institutions.

1. Education

The Australian government offers support to medical students through bonded schemes. The first of these is the Medical Rural Bonded Scheme which provides 100 scholarships annually to Australian citizens or permanent residents. In exchange, students agree to practice in rural areas for six years upon completion of internship. The second scheme, the Bonded Medical Places Scheme, also provides extra university places for students who wish to study medicine. Students under this scheme agree to work in areas where there is a workforce shortage. Unlike the Medical Rural Bonded Scheme, there is no direct funding to students in Bonded Medical Places Scheme.

2. Internships

Through the Council of Australian Governments (COAG) and the Australian Health Ministers Conference (AHMC), Commonwealth-funded domestic medical graduates are guaranteed internships in public hospitals and access to clinical placements.

3. Professional Development

Because the medical field is dynamic and changing, the Australian government supports development in this profession through:

3.1. Australian General Practice Training (AGPT) – This is an Australian Government funded postgraduate vocational training for medical students pursuing general practice

3.2. Specialist Training Program (STP) - This is a government-initiated program that funds accredited health organizations to support specialist training rotations in settings beyond traditional public teaching hospitals.

CONCLUSION

Although the supply of the medical workforce in Australia has seen an increase, the changes in the demography of the nation’s population and the increasing demand for health services continue to pose challenges. However, government-initiatives have been put in place to support the field of medicine and these big steps for the future of the Australian medical workforce.

References:

http://www.doctorconnect.gov.au/internet/otd/publishing.nsf/Content/generalPractitioners

https://medical.careers.global/jobs-for-doctors-in-australia/

http://www.aihw.gov.au/workforce/medical/who/

https://www.hwa.gov.au/sites/uploads/australias_health_workforce_series_doctors_in_focus_20120322.pdf

http://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/4102.0Main+Features20April+2013

http://www.gpet.com.au/Junior-doctors/Australian-General-Practice-Training--AGPT--program/About-the-Australian-General-Practice-Training-program

The success or failure of the business usually depends on how prepared the business owner is with respect to the required resources. He must have the business plan, the necessary licensing requirements, the payment of required fees, the marketing and sales plan, and the product or service which the owner intends to use as an integral part of his business. However, completion of all these requirements will not guarantee the success of the business if financing, the most important element of a business, is missing.

Established companies do not have problems with financing, giving them more opportunities to provide more goods or services or to tap new markets. Small businesses, however, will always have a problem with financing, considering that it has not yet established a name in the competition. No matter how good the small business’ offer is, if it fails to introduce it to the general population, it will never prosper.

To address these issues faced by these owners, small business financing options and their interest rates in Australia are provided by different companies. This is to assist small business owners to have an opportunity to join the competition in the free market. This is also to let these owners exhibit their expertise and creativeness which may give rise to additional niche markets. The small business financing options and their interest rates in Australia are the following:

1. Investment angels

Investment angels, also known as business angels, are individuals or corporations that use their money solely for investing. These are people or companies that are clueless on what to do with their money. They are guaranteed to have large amounts of money, ready to be used as a foundation for starting a business.

Using business angels, however, is a very difficult task because before they put their money, they have to be fully convinced that their money will be used only for the business. They have to get the assurance that the money that they will give will be used for the development and improvement of the business and its products. Some business angels do not require anymore that they receive a share in the profits of the business, but most of them usually require it.

Business angels are an effective small business financing options and their interest rates in Australia depend on the agreement between the entrepreneur and the investor. Because they take part of the risk in developing their current business or starting a new venture, using business angels ensures quick making of investment decisions.

2. Equity financing

Equity financing is a form of financing option whereby the entrepreneur offers to another a stake or a share of profits in the business in exchange for the latter’s money. Equity financing is considered to be one of the easiest methods of financing because money invested is not required to be paid immediately. Since the money becomes a part of the capital of the business, the investor becomes a stakeholder of the business such that he becomes interested with its management and affairs.

Equity financing is one of the effective small business financing options and their interest rates in Australia are not applicable. This means that no interest is needed to be paid by the entrepreneur because the interest that he gets takes the form of the control over the operations of the business.

3. Loans

Using loans are also one of the small business financing options and their interest rates in Australia depend on the type of loan obtained. Regardless of the type, loans must always be accompanied by a security so that financial institutions will never have a hard time assessing the application.

Home loan is one of the small business financing options and their interest rates in Australia ranges from 4.29% per annum to 4.45% per annum, depending on the type of financial product availed by the small business owners. Mortgage loans, however, charge an interest rate of 4.5% per annum.

4. Credit cards

Credit cards are the widely used financing options for small business owners. Most of the time, owners are looking for a credit card that will provide them the optimal value for their money. Before getting one, an entrepreneur must be knowledgeable about it being one of the small business financing options and their interest rates in Australia will be of utmost important to him to avoid future liability for non-payment of obligations.

Most companies provide for cheap credit cards designed for small business owners so that they will be able to start their own business. Cheap credit cards are small business financing options and their interest rates in Australia ranges from 10% to 12% per annum. However, certain factors must still be considered before one gets a credit card. For instance, some companies utilize the offering of a lower interest rate during its introductory period. Some require the payment in advance of certain fees. These factors are very important to consider because in choosing a credit card, only the small business owner will be able to know the best offer to take.

Knowing the small business financing options and their interest rates in Australia will give the business owner an opportunity to assess his capacity and qualifications. It will give him an idea of the best financing option to choose and the proper amount of interest charges to pay. Also, teaching these gives him an opportunity to match established businesses in terms of competitiveness in the market.

Retirement is something that everyone should prepare for. Even business owners grow old and there will come a time that you may not have the physical or mental capacity to run your business and support your basic needs. Business owners have the option to set up a self-managed superannuation fund, or most commonly known as self-managed super funds or SMSFs.

SMSFs are highly regulated by the Australian government, and there are numerous rules and regulations that one must know. Rules govern the setup procedures, annual compliance requirements, contribution limits and tax obligations for contributions and withdrawals and earnings on investments. There is much to learn about SMSFs and the information mentioned below summarize the basic information that one should take into account before deciding to start an SMSF.

SMSFs are geared towards providing business owners the opportunity to save for their retirement. One SMSF can only have a maximum of four members. An individual or corporate trustee should also be appointed, and the trustee will have full control in managing the SMSF. Any changes to the trustee or the assets being managed must be promptly reported to the government to avoid any penalties or tax consequences.

Tax Benefits, Contribution and Withdrawal Limits

If you are able to comply with all the rules and regulations, SMSFs offer significant tax benefits. Contributions can be concessional or non-concessional. Concessional contributions are pre-tax, meaning any amount deposited into the fund is not subject to your normal tax rate and will be subject instead to a contributions tax of just 15%. Non-concessional contributions, on the other hand, are post-tax; these are funds that are already taxed at your existing income tax rate, but will be tax-free once the funds are eligible for withdrawal or distribution. Capital gains are also taxable at 15%, but discounts are applicable if assets are not sold for at least 12 months.

The maximum amount that you can contribute or add to your SMSF depends on your annual income. Therefore, it is always recommended to consult experts first on how much you can contribute on an annual basis. There is no limit to the amount of money you can deposit into an SMSF. However, contributions that exceed your annual cap will be subject to an excess contributions tax amounting to 31.5%.

Withdrawals prior to your preservation age are generally not allowed, unless you are under any certain circumstances where the government permits premature withdrawals. The preservation age depends on your date of birth and ranges from 55 to 60 years. Recently, the government allowed borrowing against one’s SMSF. This means that you can borrow up to a certain amount, without actually withdrawing funds from your SMSF. However, this is also a highly regulated process which might entail seeking advice first from financial planners who are familiar with this.

Fees and Costs Involved in Setting up and Managing SMSFs

There are various costs involved in setting up and managing SMSFs. Normally these costs are fixed, regardless of how much you are planning to invest in the fund. Therefore, if you are planning to invest a small amount, for instance less than a hundred thousand into the fund, you will have a higher percentage of funds allocated for fees and charges, compared to someone who is planning to invest five hundred thousand or higher.

The initial setup involves appointing a trustee, filling out paperwork which lists down all the assets that will be included in the fund, and assigning an independent auditor that will do the annual audit for the fund. If you do not have any previous experience in setting up an SMSF, it is highly recommended that you hire financial planners or advisors that will help you with the initial setup and in complying with all the paperwork and other requirements that you need to submit.

If you are investing a higher amount into the fund, and the annual costs of hiring experts to manage the SMSF is less than one percent of your total assets, then you are better off sticking with having other people manage the fund for you. However, if you are just starting out and you would like to do some of the administration tasks yourself, you can save a significant amount of money. You just need to make sure that you really understand what you are getting yourself into. Keep in mind that SMSFs are usually joint ventures between business partners, and if you are not sure of what you should do, you are also putting other people’s retirement funds in jeopardy.

To summarize, investing your retirement money into an SMSF offers a lot of tax benefits. By accurately investing in various securities, you are also presented with the opportunity to grow your retirement funds significantly. However, the setup and the annual maintenance of the super fund entail a lot of work and also involve certain costs. Thus, it is essential to have a thorough analysis of whether the potential earnings would offset the costs.

By looking for trustworthy and competent financial advisors that can help you with the setup and annual compliance requirements, you can have peace of mind knowing that you have everything covered. There is no need to worry about any loose ends that can cause you significant amount of penalties or tax consequences. It will also allow you to focus on growing your business further, which in turn would allow you to further grow your super funds and have enough money to enjoy your retirement years with your loved ones.

1. Sole Trading

The most basic type of business structure and benefits in Australia is the sole trading. It is owned and managed by a single person who has the individual right to control the operations of his entity.

Benefits

Setting up this kind of business requires the least start-up costs. A person who is interested in sole trading has the option on how much capital he wants to shell out.

Operating a sole proprietorship entity permits the owner to have all the profit rendered by the business.The income made by the venture is considered as the operator’s individual income hence, he is expected to pay the tax at personal income tax rates quarterly after his first year of managing the business. Australian residents are entitled to the tax-free threshold wherein they are exempted to pay the tax on their first $18200 profit.

Downfalls

In sole trading, struggles of business entities and downfall in Australia may happen whenacquired capital is not enough. The proprietor may find it difficult to expand his business, causing a limited profit.

The trader is also entitled to all the legal liabilities of his business as he and his entity is considered as one. Higher profit may be subjected to higher tax rates.

2. Partnership

Partnership is another legal form of business wherein at least two but not exceeding 20 people contribute property, cash, and expertise in order to form an enterprise. These individuals are termed, “partners” who team up in managing and operating the business.

Benefits

Commencing in this type of business entails low set-up costs but has more advantages in business structure and benefits in Australia than in the sole trading.Since more people will contribute to building up the enterprise more capital may be generated which may open doors for better business opportunities and higher profit.

Partnership management is shared by the partners and this may mean better planning and control of the business. Problems may be easily resolved and the entity may further be improved.

Profit and loss produced by this business entity is distributed among the partners, entitling them to share with the income tax as well. A partnership is required by the government to have its own Tax File Number (TFN) separate from its owners. This implies that each partner pays the tax in accordance to how much they receive on the net income of their business.

Downfalls

The pitfall in this business structure and downfall in Australia is that it does not have a separate legal entity. This means that both partners have unlimited liabilities, indicating that if the entity cannot pay for its debts, personal assets of the owners are used.

Assessments done by the operators can easily make or break the venture. Misunderstandings and arguments may arise among the partners which may put the business into jeopardy.

Partnerships are mandated by the law to report a partnership tax return every year. This must show all the income generated and expenses paid by the business, plus the share in the net income of each partner. In addition, Goods and Services Tax (GST) registration is required if the venture’s yearly GST turnover is $75000 or more.

3. Company

The company is another type of business structure and benefits in Australia. Companies are of separate legal unit from the owners and are regulated by the Australian Securities & Investments Commission (ASIC).

Benefits

Shareholders, the people who invest in companies, are entitled to the ownership based on how many shares they possess. With this, their liability is limited with their investments. In contrast with sole trading and partnership, companies are not easily dissolved by reasons of bankruptcy or death of a shareholder. In the event when he decides to sell his shares to another party, he can freely do so. He can even be hired in the company if the management decides that they want to have his services.

The rates of taxation are also more favorable in companies.

Downfalls

A corporation has a relatively complex design since the structure is more complicated. Many legal requirements are needed to set up this type of business. Companies need to register and apply for TFN and for the Australian Business Number (ABN) in compliance to the Corporations Act of 2001. The business also needs to enlist for GST if its yearly GST turnover is $75000 or more.

In agreement with the law, corporations need to file an income tax return every year which discloses all the income and gains, the losses and deductions and the income tax liabilities it is entitled to pay. Presently, the company tax rate is 30%.

4. Trust

The last form of business structure and benefits in Australia is the trust. This is a duty levied to a trustee to keep and hold an estate or asset for the beneficiaries according to the agreement in the trust deed.

Benefits

A person benefits from trusts because it provides him with the asset protection and the tax planning and management that he needs. This structure also has variable ways of distributing assets and income among the beneficiaries.

Downfalls

Starting up a trust can be costly and like a company, the structure is complex. The controls of the trustees are often limited to the provisions of the deed and they are legally bonded for its operations.

In the same way as the companies, trusts need to file and apply for TFN, ABN and GST. Income tax liabilities depend on the type of trust, the provisions in the trust deed, and whether the beneficiaries share in the earned income.

In cases when the full net income is given to adult resident beneficiaries, the business entity has no tax liability. If the whole or part of the income is shared to either minors or non-residents, the trustee is then evaluated on behalf of the beneficiary. The beneficiaries are then required to show their share of net trust income and the tax liability to their personal tax returns. On the other hand, the trustee is also taxed according to the highest individual marginal rate when the trust earned an income.

Like the other business entities and benefits in Australia, trusts are required to file a tax return every year disclosing all the net income, including the share of the beneficiaries, and the expenses rendered by the venture.

In conclusion, the success of the business structure and benefits in Australia will greatly depend on how the proprietor manages and controls his business and the proper selection of the form of organization he wants to put up.