Several updates have been made to many of the regulatory policies in Australia over the past few months. From reduced tax rates to extended paid leave accessibility, below are some of the key updates employers will want to make note of.
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Several regulatory updates have been made in Australia throughout the last few months. It is imperative that employers stay up to date with these policy changes, in order to avoid compliance regulations. Key changes are outlined in this blog. Effective July 1st, 2021, the rate at which employers contribute to employees’ superannuation has risen to 10%.
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Canadian government officials have introduced several new provisions for the year of 2021, including a new employee stock option tax structure, and new leave options. Beginning July 1,2021, eligible businesses will be offered a new structure for taxation of their Employee Stock Option. Preferential tax treatment may be applicable to some employees at an annual vesting max of CAD 200,000.
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Various provisions have been implemented in Australia for 2021 which have set-forth updated structures for tax, leave, and hiring restrictions. A new, lowered tax rate and raised tax threshold has been proposed by government officials in New South Wales, effective as of July 1,2020. This will be a provisional decrease in the rate in, and will put it at 4.85% for 2020-21 and 2021-22.
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The UK has set forth VAT rules for the sale of goods, just concurrently with the culmination of the Brexit transition period. Effective from January 1st, 2021, UK VAT is now applicable for the sale of goods by foreign taxable persons. UK businesses who have utilized a deferral for VAT payments, may now repay the deferred payments in reduced and interest-free payments over an 11 month period.
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China has implemented a new social insurance collection process in which the Shanghai tax bureau is now collecting the insurance. Effective since November 1st, 2020, the Shanghai tax bureau is now collecting social insurance instead of the social bureau. It is imperative that employers are compliant and ensuring that payments are being made to the correct bureau.
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When entering a foreign market, you can face heavy risk with regulation, cultural or political factors, or even mismanagement disasters. Anticipating and mitigating the risks of hiring overseas can be simplified with the help of trustworthy professional employer organization (PEO) on your side.
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The concept of Permanent Establishment (PE) revolves around the tax administration in various countries when an organization conducts cross-border business.
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