The Governments of Australia and the United Kingdom have signed a Free Trade Agreement (FTA) to encourage export opportunities for businesses and for individuals to undertake work in both countries.
From the Australian perspective the benefits of the FTA include:
- Elimination of tariffs on Australian wine, short and medium-grain rice, honey, nuts, olive oil, most seafood, most fruits and vegetables and most processed foods
- Strong outcomes on beef, sheep meat, sugar and dairy with duty-free transitional quotas
- More opportunities for Australian professionals and contractors working in the UK
- Enhanced digital trade, including through new rules around data sharing and electronic contracts
- More accessibility to the UK market for financial services
- Reciprocal royalty arrangements for eligible artist resales.
From the UK’s perspective the benefits include:
- Unprecedented access for British services and investors
- Better business travel for British professionals
- Tariff-free trade for British exports
- Easier for young Britons to travel and work in Australia
- Digital trade opportunities for a global tech superpower
- Lower prices for British shoppers and manufacturers
- Slashing red tape for entrepreneurs and small businesses
- Access to billions of pounds worth of government contracts
- Stronger cooperation on shared challenges
- A major step for UK-trade in the Indo-Pacific
The FTA is expected to come into force during the 2022 calendar year.
bdh Tax is a boutique professional services company that advises businesses that want to set up in the UK and/or in Australia, and individuals who have tax planning and compliance requirements in an international context.
We are a team with significant experience in both countries, meaning we can help with:
Business structure in both countries
- Setting up and registering a business in the UK or in Australia
- Running payroll in the UK or in Australia
- Preparing end of year accounts and business tax returns
- Local book-keeping assistance
- Personal tax planning and compliance
We can also help with advice on tax planning and local resources for businesses that want to leverage the FTA to establish and grow in the other jurisdiction.
More details are discussed at this section of our website: https://www.bdhtax.com/businesses/
If you are interested in the opportunities being made available by the Australia – UK Free Trade Agreement we’ll be delighted to have a free initial discussion.
All you need to do is complete the enquiry form on this web page.
We look forward to hearing from you.