Author: dr-abul-jalaluddin

High Potentials There is a high potential for Islamic banking, Islamic financial services and Islamic wealth management in Australia due to a sizeable Muslim population (market) and Muslim businesses in various sectors of the economy. According to 2011 Australian Census (as the Australian Bureau of Statistics has yet to release the outcome of its Census conducted in November 2016), there were 476,290 Muslims in Australia, of whom about 40% were Australian born. This is a conservative figure and some estimates point to a much higher level of Muslims in this country. About 46% of the Muslims live in NSW,...

Every year, Australians get to know how tax is paid by large corporations and multinational companies to fund their schools, hospitals, roads as well as all other social and welfare services. Income Tax Transparency Law 2015 mandates this report for public debate on tax policy, particularly on corporate taxation. The large corporate tax transparency population includes Australian public and foreign-owned entities with total income of $100 million or more; Australian-owned resident private entities with total income of $200 million or more; entities that have petroleum resource rent tax (PRRT) and entities that have minerals resource rent tax (MRRT) payable...

Australian multinational anti-avoidance law applies from 1 January 2016. It ensures multinationals pay fair share of tax on profits earned in Australia. It targets large corporations that implement arrangements or schemes to avoid having a taxable presence in Australia, resulting in an outcome of paying a little or no tax to this country. The anti-avoidance measures apply to a significant global entity which is defined as having an annual global income of $1 billion or more. The law intends to capture situations where a foreign multinational supplies goods or services to Australian customers and books that revenue offshore; an...