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Norfolk Island

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About

Norfolk Island

Capital
Official languages
Population 
Currency

ISO 4217

Kingston

English

1,744 (as of June 2019)

Australian Dollar

NF

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Economy

"Norfolk Island is an Australian external territory located in the Pacific Ocean. It has a population of approximately 2,000 people and a total land area of 34.6 km2. The economy of Norfolk Island is largely based on tourism, with the island being a popular destination for visitors from Australia and New Zealand. The island also has a small agricultural sector, with the main crops being potatoes, bananas, and other vegetables.

The Gross Domestic Product (GDP) of Norfolk Island was estimated to be $90.3 million in 2019, with a GDP per capita of $45,000. This is significantly higher than the Australian average of $53,000. The unemployment rate on the island is low, at just 2.2%, compared to the Australian average of 5.2%.

The tourism sector is the main contributor to the economy of Norfolk Island, accounting for around 40% of the island’s GDP. The island also has a small manufacturing sector, with the main products being furniture, clothing, and souvenirs.

Overall, Norfolk Island has a strong and growing economy, with a high GDP per capita and low unemployment rate. The tourism sector is the main driver of the economy, and the island also has a small manufacturing sector."

Taxation

Norfolk Island is an external territory of Australia and as such, its taxation system is closely linked to that of Australia. 


For individuals, Norfolk Island residents are subject to Australian tax on all income earned worldwide, including income earned on Norfolk Island. The tax rates for individuals are the same as those in Australia, ranging from 0% to 45% depending on the income level.


For businesses, Norfolk Island has its own company tax rate which is currently set at 0%. However, businesses operating on the island may be subject to other taxes such as payroll tax, land tax, and duties on goods and services.


The tax payment process for individuals and businesses on Norfolk Island is largely the same as in Australia. Individuals are required to lodge an annual tax return with the Australian Taxation Office (ATO) by October 31 each year, and may be required to make quarterly tax payments throughout the year.


Businesses operating on Norfolk Island are also required to lodge regular tax returns with the ATO, and may be required to make regular tax payments throughout the year.


The tax calendar for Norfolk Island generally follows that of Australia, with the end of the financial year falling on June 30 and tax returns due by October 31. However, specific tax dates and requirements may differ for certain taxes such as payroll tax and duties on goods and services. It is important for individuals and businesses on Norfolk Island to consult with the ATO or a professional tax advisor to ensure they are meeting their tax obligations.

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