On March 29, a law was passed that makes changes to the country's mandatory occupational pension (superannuation) system to help raise the level of retirement savings. The new law gradually increases the employer's contribution rate, removes the age limit for making contributions, and introduces a new tax rebate for low-income earners. Those measures are part of the government's "Stronger, Fairer, Simpler" tax reform plan announced in 2010. Beginning July 1, 2013, the following will go into effect:
In addition, effective July 1, 2012, workers with annual income of up to A$37,000 (US$38,271) will become eligible for a government tax rebate of up to A$500 (US$517) a year that will be deposited in their superannuation accounts. No worker contribution is required. According to the Australian Tax Office, 57 percent of all individual taxpayers earn less than A$40,000 (US$41,374) per year. This measure will supplement the existing government matching contribution (called co-contribution) of up to A$1,000 (US$1,034) for workers who earn up to A$61,920 (US$64,046) a year and make voluntary contributions to a superannuation account. Source: US Social Security Administration
HSP always keeps us ahead of the game, letting us know what to expect and what to prepare. It’s a very efficient way of going about being compliant when doing business in another country.
High Street Partners