A highly developed, high-income country, Australia, has the world's 13th biggest economy. It ranks at the 8th position in human development and 10th in the world per capita income. An abundance of natural resources and robust international trade forms the backbone of the Australian economy.

Major economic hubs:

Canberra, Melbourne, Sydney

Skills in demand:

Digital Transformation Skills, IT Industry, Technical Specialists

Resident Tax Information                                            

The tax brackets are an important part of any employee’s understanding about how much their employer can deduction from salary.

Health insurance

Employees in Australia are covered by Medicare, which is a universal healthcare system. It's not necessary for employers to offer health insurance since most people have this coverage already through their employment opportunities

Private health insurance is a good option for those who want more flexibility when it comes to choosing hospitals and doctors. However, many employees still choose buy private medical coverage even though they can get most services from Medicare or the public system without extra cost.

The table below breaks down the cost of private health insurance plans:

What an employer can offer ?                                            

Employers can offer private health insurance for your employees.

This is because of the following reasons:

• It provides more choice with hospitals and doctors

• Insurances do not cover the costs in full. Thus the employee ends up paying the premium and the leftover costs. Thus, insurance can offer employees more relief when paying for high cost treatment.

• For high-income employees, the Australian government levies a surcharge of 1.5% on every employee for Medicare. By offering private health insurance, these employees get rebates as reduced premiums, and the employer will pay any outstanding premium
  

Fringe Benefits

Common fringe benefits include:

• Property (including goods, real property such as land and buildings, and shares or bonds) - Senior management benefits
• Subsidized training or educatio
• Travel and Fuel costs
• Parking
• Non-monetary benefits include the provision of mobile phones, company vehicles
• Medical, dental, and vision insurance
• Childcare, including off-site and on-site options

Exempt Benefits

The following work-related items are necessary for compliance with Health and Safety requirements - dependent on industry.

Long-term Incentives

In a long-term incentive, the largest component is always going to be incentives. Over time they’ve increased by 4% while short term ones have decreased 5%.

The long-term benefits of this position are so attractive that executives often don't want to take the money and run. So in order for them not get rich too quick, their compensation comes with stocks instead!

The idea behind equity compensation is that it will help align the executive’s pay with company value. If you're considering this, there must be willing owners who are ready to share their ownership

Termination Process

An employee can resign or be terminated by the employer. The major grounds for termination include:

• Redundancy(operational changes)
• Conduct
• Poor performance

Notice Period

Notice period varies depending on the length of employment. During the probationary period, it is from 7 - 30 days, and for permanent employees, it ranges from one to twelve weeks.

Severance Pay

An employee's job might be affected by redundancy and the redundancy/severance pay for different employment terms in Australia are as follows:

*Note, there is a decrease in redundancy pay from 16 weeks to 12 weeks for employees with above 10 years of continuous employment service.