Australian Dollar (AUD)
Australia is the smallest continent and one of the largest countries in the world. It is between the Pacific and the Indian Ocean and is located in the southern hemisphere. Australia is actually the oldest, flattest, and driest inhabited continent on with and the soil is also quite infertile. As a result of this, the majority of the population in Australia is highly concentrated in the coastal cities of the country like Adelaide, Brisbane, Canberra, Darwin, Hobart, Melbourne, Perth, and Sydney. The country shares maritime borders with Papua New Guinea, Indonesia, Vanuatu, New Zealand, Solomon Islands, East Timor, and New Caledonia(France).
The Australian economy is dominated by the services sector, followed by industry and agriculture. Tourism is also big business, especially in big towns and cities. The chances of a graduate finding a job that matches their qualifications are higher in metropolitan cities such as Adelaide, Brisbane, Canberra, Melbourne, Perth and Sydney. The same is true for rural locations too, as the right skills and qualifications leave a lot of scope for growth and possibilities.
Unemployment rates are lower for graduates than for non-graduates, and they also have better outcomes in the labor market overall. This includes higher salaries on average.
Recruitment in Australia is done through job portals which allow postings for more relevant profiles and candidature, head hunting is also used for recruitment. Combined, these two methods make for more achievable and hassle-free end to end recruitment.
Recruitment processes, identifying vacancies, job advertisements, screening, shortlisting, etc. are an important part of the hiring process. But interviews make the ultimate decision as they play a very important part in gauging personality.
CVs of candidates play an important role in making a favorable impression. The presentation and organization of the CV speak a lot about an individual and the person’s mindset and attitude. Thus allowing for the early screening of worthy candidates.
The standard parameters of employment in Australia:
Working Hours (Depend on the client’s company) – 7.6 hours in a day, Monday to Friday, 38 hours a week
Probation Period (Depend on the client’s company) – Six months, extends to twelve months if an employer has more than 15 employees. But, minimum probation periods can be shortened too.
Payroll cycles– Pay cycle in Australia is on a weekly, fortnightly, or monthly basis. Though there are no legal obligations to pay wages on fixed dates, the general schedule for payments is the following:
- Monthly – By the 28th to 30th of the month
- Bi-weekly – Every second week on any agreed day (usually on Wednesdays or Thursdays)
- Fortnightly – Every 15th and 30th of the month
Official Deduction from Salary– Unpaid leave, Varying forms of taxes
Typical work hours in Australia– 9 am to 5 pm, Monday to Friday, with 30-60 minutes of lunch break.
The public holidays in Australia vary with respect to the federated state that one is employed.
Casual Leave/Sick Leave
Ten (10) days per year are prorated based on the respective employee’s joining date. These leaves can be used if the employee is sick or needs to take care of a family member.
Maternity & Paternity Leave
Unpaid maternity leave for 12 months is applicable for female employees after 12 months of working with the same employer. However, some employers provide paid maternity leaves. Additionally, female employees can also apply to the Federal Government for a scheme that provides payment for maternity leave of 18 weeks.
A total of 5 days of unpaid leaves are entitled to fathers at the time of birth or adoption of a child. Applying to the Federal Government scheme for additional leave is also possible.
Full-time employees are given the provision to take four weeks of paid leave each year. For employees who work in shifts, five weeks of paid leave are granted.
The payroll process in Australia involves dues of the employees called ‘ gross income of the salary after tax’ after adjustments made from the ‘net income or the salary before tax’ for total tax deductions made from their respective salaries.
Salary After Tax = Salary Before Tax – Total Tax Due
Important Elements of Salary Structure in Australia
The monthly, weekly, or bi-weekly salary and wage disbursement are broken down into the following:
Salary Before Tax – the total earnings/wages entitled to an employee before any form of tax deduction is applied. It is also known as Gross Income.
Salary After Tax – this amount is the total money that an employee is able to take home after all taxes and contributions have been deducted from their respective Gross Income. It is also known as Net Income.
Total Tax Due – this is the sum of all the deductible taxes and contributions that are due to be deducted from the Gross income of respective employees.
Payroll Cycle – The pay cycle in Australia is on a weekly, fortnightly, or monthly basis.
13th Salary– There are no laws in Australia facilitating provisions for a 13th salary.
The conditions for minimum employment are outlined in the Fair Work Act of 2009 and Industrial Awards which are either industry or occupation-based. it is the employees that are covered by Awards that generally receive payment for overtime. Almost all Awards entitle employees to be paid for overtime if they work more than 38 hours a week or 10 hours a day. Likewise, workers are usually compensated with either overtime pay or a penalty if they work on weekends or holidays.
Non-Award employees, or those “Award Free,” are not legally entitled to overtime compensation. However, they are allowed to work up to 38 hours per week plus reasonable additional hours if needed to complete their job duties. There is no definitive answer as to what qualifies as “reasonable additional hours.” Award Free employees typically only work overtime to finish their required tasks.
If you are a non-citizen and looking to launch a business, it is essential to be aware of:
- Kind of visa you need to get
- How to get the right visa
- What laws and regulations are applicable to companies based in Australia
1. Understand the visa process
The Department of Home Affairs is the governing body responsible for issuing business visas to individuals who are not Australian citizens or permanent residents. To work in Australia, you must first obtain a visa from this department.
Prior to obtaining a visa, you must be nominated by an Australian state or territory government. To begin the process, there are some key steps that need to be taken:
- Submit an expression of interest quickly and easily through the Department of Home Affairs SkillSelect online service.
- Whether you have been invited to apply for a visa by either a state or territory government or Austrade’s CEO if the decision is made it will be up to you. You can simply wait for contact from one of these sources, or take initiative and reach out yourself.
- Once you receive an invitation, the process of obtaining a visa begins. You must fulfil certain criteria and furnish paperwork to authenticate your application for success.
2. Find the right visa for you
If you’re a non-citizen wanting to establish a business in Australia, there are various visa choices available for your needs.
Business Innovation and Investment (Provisional) visa
The Business Innovation and Investment provisional visa is an excellent opportunity for those with entrepreneurial skills, enabling operating a business in Australia. If granted the visa, you’ll be permitted up to four years and three months of stay – after which application for a permanent visa may prove possible if certain conditions are satisfied.
Business Talent visas
If you meet the requirements, you could be eligible for a Business Talent visa.:
- Endorsed by a regional or provincial government agency
- Invited to apply for the visa
- Have the required funding or assets.
This is a permanent visa and there are 2 types of it:
Significant business history stream
Experience business owners looking to operate a new or existing business in Australia can apply for this visa.
To be eligible one needs to have:
- A net value of at least AUD $1.5 million
- An annual business turnover of at least AUD $3 million.
Venture Capital Entrepreneur stream
This visa is provided for business people looking to start a new business in Australia and has successfully sourced venture capital funding aided by a member of the Australian Investment Council (AIC). To be considered for this opportunity, one must possess at least AUD $1 million in venture capital funding in Australia to establish a high-value business plan.
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