June 27—New taxes and legislation around the world, including updates to several country minimum wages, are expected to go into effect July 1.
New superannuation tax tables will go into effect for the new tax year beginning July 1 but most other tax tables related to payroll will remain unchanged due to Parliament not yet enacting the latest government budget. New tax tables effective July 1 also include the Higher Education Loan Program (HELP), Student Start-up Loan (SSL), Trade Support Loan (TSL) and Student Financial Supplement Scheme (SFSS). Income tax and Medicare levy tables for the 2015-2016 fiscal year will remain in effect until after the July 2 election when parliament will consider changes.
The social security ceilings for salaries and wages paid will increase to $650 per week from $620 and $2,817 per month from $2,687. Employers must contribute 5.9 percent of payroll under the ceiling amounts to the National Insurance Board, while employees must contribute 3.9 percent of their salary up to the ceiling.
The threshold for a new income tax levy is to increase to C$50,000 ($38,190) from C$20,000 ($15,276) while rates are to change for all brackets. Tax amounts under the new levy, known as the Temporary Deficit Reduction Levy, are to range from C$100 ($76.45) for individuals earning more than C$50,000 but not more than C$55,000 ($42,009) to C$1,800 ($1,374.84) for individuals earning more than C$600,000 ($458,280).
All tax payments must be paid online beginning July 1, 2016. Previously, employers in Indonesia were required to manually submit tax payments at almost any bank or post office. To access the online tax payment system, taxpayers must first register at http://sse.pajak.go.id with their tax number and e-mail address.
Several country minimum wages are to increase July 1. Countries with increases include:
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More information on payroll issues in the countries mentioned can be found in the International Payroll Decision Support Network country primers.
Copyright © 2016 The Bureau of National Affairs, Inc. All Rights Reserved.
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