Other Employer Costs and Insurance
Payroll Tax varies on the state jurisdiction where you or your consultant will be working. Taxable wages for payroll tax purposes is payable on wages/salaries, employer superannuation contributions, commissions, bonuses, allowances, directors fees, fringe benefits, the taxable component of termination payments, payments to relevant contractors, trust distributions made in lieu of wages and contributions made to a central fund by an employer. It is between 5.5% to 6.85%.
Innovare’s insurance policy in Australia (subject to terms and conditions) includes Professional indemnity insurance and Public liability insurance and is inclusive in our management fee. Workman compensation insurance is charged at cost.
Needless to say, all Employee of Record consultants are required to have adequate medical insurance to cover them throughout the entire contract. While Medicare covers for locals or permanent residents, medical insurance is a must for expatriates working in Australia.