Looking To Employ Foreign Workers

From March 2018 businesses that employ foreign workers on certain skilled visas will be required to pay an additional levy. Businesses with a turnover of less than $10 million will be required to make an upfront payment of $1,200 (or $1,800 for businesses with turnover of $10 million or more) per visa per year for each employee on a Temporary Skill Shortage visa. In addition, businesses with a turnover of less than $10 million will be required to make a one off upfront payment of $3, 000 (or $5,000 for businesses with turnover of $10 million or more) for each employee being sponsored for a permanent Employer Nomination Scheme (Sub-Class 186) visa or a permanent Regional Sponsored Migration Scheme (subclass 187) visa.

The additional levy and significant associated increases in visa application charges will add further costs to businesses that rely on skilled overseas workers to develop and grow. The measures are estimated to generate additional revenue of $1.2 billion for the training and development of Australian workers who can fill skill shortages in the medium to long term.

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Other Articles in This Edition:

Some of the Biggest Mistakes Small Businesses Make With Their Websites
Federal Budget – Economic Summary
Small Business - $20k Small Business Immediate Tax Deduction
Small Business - Company Tax Rates
Small Business - Extension of Taxable Payments Reporting to Courier and Cleaning Industries
Small Business - Access to CGT Concessions
Individual Tax Rates
Individuals - Changes to the Medicare levy
Restricting Residential Investment Property Deductions
Individuals - Higher Education Reform  
Superannuation - Contributing Proceeds from Downsizing to Superannuation
Superannuation - First Home Super Saver Scheme
GST Changes - Purchasers to Pay GST on New Residential Premises
GST Changes - Digital Currency & Low-Value Imports
Tax Integrity Measures

DISCLAIMER: This document contains general advice only and is prepared without taking into account your particular objectives, financial circumstances and needs.  The information provided is not a substitute for legal, tax and financial product advice.  Before making any decision based on this information, you should speak to a licensed financial advisor who should assess its relevance to your individual circumstances.  While the firm believes the information is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk.  The information provided in this bulletin is not considered financial product advice for the purposes of the corporations Act 2001.