The Cocos (Keeling) Islands are an external territory of Australia (transferred from Singapore administration to Australia on 23 November 1955), administered since 1995 as part of the Australian Indian Ocean Territories alongside Christmas Island. Australian Commonwealth tax law applies directly - there is no separate Cocos Islands tax system.
The Cocos (Keeling) Islands follow the standard Australian financial year (1 July to 30 June).
Standard Australian federal corporate tax rates apply directly to the Cocos (Keeling) Islands, since the territory has no separate corporate tax system.
Standard Australian federal personal income tax rates and brackets apply directly to Cocos (Keeling) Islands residents.
Australia's federal Goods and Services Tax (GST, 10%) applies to the Cocos (Keeling) Islands on the same basis as mainland Australia.
The Cocos (Keeling) Islands follow standard Australian residency tests.
A non-resident entity has a Cocos (Keeling) Islands permanent establishment on the same basis as elsewhere in Australia, following the OECD Model Treaty definition as applied under Australian domestic law and any applicable Australian tax treaty.
Australia's own CFC regime applies directly to Cocos (Keeling) Islands residents.
Australia's own thin capitalization rules (see Australia's page) apply directly to the Cocos (Keeling) Islands.
Australia's own anti-hybrid rules (see Australia's page) apply directly to the Cocos (Keeling) Islands.
No foreign bank account or foreign financial asset reporting regime exists in the Cocos (Keeling) Islands beyond Australia's own standard system (see Australia's page).
Australia's own participation exemption treatment for foreign dividends (see Australia's page) applies directly to Cocos (Keeling) Islands companies.
Australia's own foreign tax credit regime (see Australia's page) applies directly to Cocos (Keeling) Islands residents and companies.
The Cocos (Keeling) Islands benefit from Australia's own double tax treaty network directly, since treaty-making is an Australian Commonwealth competency and the territory has no separate tax jurisdiction status.