Australia Tax Changes may affect Multinational Employers and Employees (Sunnyvale, CA) - The Australian Taxation Office (ATO) has introduced new regulations which may affect individuals including multinational employers and expatriates on international assignments working in the country, says Nair & Co. which provides global HR services for companies setting up foreign operations. Key Highlights: Australia Taxation Changes
Trans-Tasman Superannuation Portability: The issued regulations are regarding employees transferring retirement (superannuation) form Australia to New Zealand or vice versa, w.e.f. July 1, 2013. Normally, Australia and New Zealand do not tax the transfer of retirement savings; however they need to meet comply with certain caveats and exceptions to get the waiver. Temporary Residents’ ESS Reporting by Employers: ATO has issued a new guideline to employers regarding reporting requirements relating to Employee Share Schemes (ESS) applicable to temporary residents working in Australia.
For more information about doing business overseas or to know more about our International HR Services team please contact us. Subscribe to regular global tax compliance alerts from Nair & Co. International Business Guide (IBG) is our online platform for companies wishing to optimize their multinational operations and would like to have specific business information for doing business in a particular country - Click Here. Get the latest news releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts. About Nair & Co. Nair & Co. provides you with your one touch outsourced finance, HR, legal and global tax compliance department for your international operations. If you are expanding abroad for the first time or increasing your global footprint, our turnkey solutions help you do so with minimal risk, stress and cost. We support 1000+ client operations in over 56 countries and have core offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among the top 100 outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP). Learn more at www.nair-co.com Read more on: International Expansion in Financial Services