Investing in Tasmania. All you need to know.

Tasmania offers a favourable business climate for your business

Review the investment climate in Tasmania
Tasmania’s innovation strategy and focus
Incentives for your business to be in Tasmania
Things you need to know about starting a business in Tasmania

About Tasmania

Tasmania is an Australian island and a state of the Commonwealth of Australia.

It is located 240 kilometres (150 miles) south of the continent and is separated by Bass Strait.

We are the 26th largest island in the world and are surrounded by a number of small, uninhabited islands. We have a population of just over 500 000 with almost half residing in or around the capital city Hobart.  Other major population centres are Launceston in the north and Devonport and Burnie in the north-west.

Things you need to know about starting a business

Find out more what you need to know to do business in Tasmania

Incentives for doing business in Tasmania

To assist your business in becoming established in Tasmania we offer lots of help.

Find out more

Investment climate in Tasmania

Tasmania’s political and regulatory environment is stable, open and progressive, providing investors with a high degree of confidence and certainty in our economic stability when making investment decisions. 

Review the latest:

• Tasmanian State Government’s budget www.budget.tas.gov.au.
• economic insights from the Commonwealth Bank State of the States economic rakings.
• midyear financial report for 2009-10.

Investment priorities include:

• high-value food and agricultural initiatives
• clean, renewable energy expansion
• tourism growth and infrastructure development
• first mover high-speed broadband businesses and world-leading digital initiatives
• developing further our natural resources with a focus on minerals and forestry
• building upon our precision manufacturing capabilities.

Our focus on innovation 

Innovation is the prime driver of Tasmania’s future. Strong support is given to industries that can create jobs for the next generation of Tasmanians and use our natural advantages so that we are at the forefront globally.

The Tasmanian Government has created a ministry for Innovation, Science and Technology. It is envisaged that this portfolio will be ultimately responsible for the economic and social future of Tasmania.

The government’s Innovation Strategy is committed to offering a favourable business climate and support for businesses that want to come to the state and specifically those with a focus on investment priorities.

Incentives for your business to be in Tasmania

The Tasmanian Government believes in investing in sustainable development and supporting projects that will benefit the state.

Small business is critical to the state’s success. It contributes 95 per cent of private sector employment to Tasmania’s food processing and agriculture sectors and 90 per cent to tourism.

The Tasmanian Government is committed to offering a favourable business climate and support for all new businesses and investments that support its vision.

To assist your business to set up in Tasmania we offer:

• Committed government support
  
  We will provide you with a designated team to provide tailored advice and assistance.
  
  Our investment team will:
  • connect you with key industry and government contacts
  • provide information on business opportunities in Tasmania, investment regulations and government assistance programs
  • explain business costs, skills availability, taxation, and research and development opportunities.
    
    
• Flexible approval process
  
  Establish your project in a cooperative planning and approvals environment that offers flexibility in planning and process options. We offer a streamlined and flexible framework for approving major development projects. Contact us to find out more.
  
  
• Special assistance for major industrial projects
  
  Assistance is available for companies that contribute sustainably to Tasmania’s employment and economic growth. This can include:
  
  • support for infrastructure and site preparation
    
  • assistance with training and skills packages
    
  • access to decision makers.

For more information on available assistance please contact us.

Things you need to know about starting a business in Tasmania

Australian Business Number (ABN)
You may need to register for an Australian Business Number (ABN). The ABN is an 11 digit number that businesses use when dealing with other Australian businesses.

Tax File Number (TFN)
A TFN is issued to individuals and organisations to administer tax and other Australian Government systems. Only one TFN is issued to you during your lifetime, even if you change your circumstances such as your name or residency. Find out more.

Taxes
The Australian Taxation Office is the Australian Government's revenue collection agency, whose role is to manage and develop tax, excise and superannuation to fund services for Australians.

In Tasmania, the State Revenue Office is responsible for collecting and administering state taxes, conducting audits, and providing advice and assistance to taxpayers in regard to state taxation.

Business licenses
There are a range of federal, state and local government requirements when operating a business or occupation in Tasmania. These include licenses, permits, approvals, registrations, codes of practice, standards and guidelines. Find out more Business License Information.

Registering your business name
Information on registering a business name in Tasmania is available from Consumer Affairs and Fair Trading.

Goods and Services Tax (GST)
Australia has a Goods and Services Tax (GST) of 10 per cent that is applied to most goods and services. Businesses charge and pay GST.

Pay As You Go Withholding
If you are employing staff you will need to register with the Australian Taxation Office for Pay As You Go (PAYG) withholding which is a legal requirement to withhold amounts of income tax.

You can apply for a TFN, ABN, register for GST and PAYG withholding online through the Australian Business Register.

For other Tasmanian business information, specifically for small businesses, go to Business Point.