Migrating Millionaires Heading For Australia

Many a Registered Company Auditor in Norwest and across Australia have seen an increasing amount of millionaires, as migrating millionaires travel to the land down under.

Market research consultancy firm New World Wealth listed down the countries across the world that attract the most migrating millionaires in the latest iteration of their Global Wealth Migration Review. Their data shows that Australia has become the world’s leading destination for migrant millionaires, with 12,000 high-net wealth individuals (HNWIs) having entered the country in 2018. Notably, it’s the fourth year in a row that Australia managed to rank first on that list, adding at least 35,000 wealthy new residents within that time frame, explaining why many a Registered Company Auditor in Norwest and across the country have been dealing with more wealthy clients.

Notably, Australia has a smaller population compared to the country that ranked second on the list, the US, which receives 10,000 HNWI arrivals, a good distance away from third and fourth, Canada and Switzerland, which saw 4,000 and 3,000 wealthy individuals, respectively. The UAW and Caribbean followed with 2,000 new HNWI residents, while a number of countries, New Zealand among them, welcoming about 1,000 affluent migrants.

On the other side of the fence, the report numbered 100,000 migrating millionaires for 2018, up by 14% compared to 2017. China bid farewell to 15,000 of its wealthy residents, about 2% of its overall number, while India, Russia, and Turkey each saw 4,000 of their HNWIs migrating out of the country, with the latter being hit particularly hard, as that number accounts for about a tenth of its wealthy elite, who are leaving thanks to the local economy taking a nosedive.

The New World Wealth notes that, in spite of median house pricing in the country’s major cities sitting above $1 million, Australia attracts millionaires due to its high safety rating, as measured by a separate New World Wealth report, and first-class healthcare which is, in general, cheaper and more accessible compared to US’s.

On top of that, is the detail that Australia did not have an inheritance tax, which authors suggest make Australia an attractive base for building wealth for descendents.

However, the consulting firm notes that the local political landscape can change how the AU looks at migrating millionaires, saying that they’re expecting kick-back against immigration in these two countries, which might also lead to deterring HNWIs.

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Seven Advantages Of Payroll Management Software

Payroll is a crucial operation for any kind of business. Payroll management involves making timely and accurate payments to the staff of the business organization. Efficient payroll management boosts the morale of the employees and improves their productivity.

Earlier, business organizations managed payroll manually. But with the advent of computerization and modern technology like payroll software, it has become easy for these organizations to manage their payroll efficiently with improved speed and accuracy.

Some of the advantages of using payroll software are

  1. The modern software helps the Human Resource managers to work out the lengthy calculations and deductions from the employee salary in an accurate and efficient manner. The software make the calculations quicker when compared to the manual calculations.
  2. It is important to generate accurate payslips to the employees. The advanced software helps the managers to generate accurate payslips after making the necessary deductions in the salary.
  3. The salary of the employees includes a lot of components like bonuses, overtime pay, expenses, holiday pay, tax deductions etc. HR managers can calculate all these components easily, with minimum effort, when they use the modern software for payroll management. Since the components are already fed into the software, the manager just needs to input the basic details to calculate the pay of the employee.
  4. The modern software for payroll management can generate the forms required for filing tax returns of the employees.
  5. Year-end reporting is a burden for HR managers. The Payroll software eases this task as the system is fully automated and generates all the reports quickly and accurately.
  6. The tax legislations keep changing dynamically. It is a difficult task to keep up with the ever-changing tax legislatures. The modern payroll management systems eliminate the need to understand the complicated tax laws as the system is automated.
  7. Business organizations have a lot of important data like the annual reports, payslips of the employees etc. all these data can be stored in a secure manner using the payroll management software. The data stored in the payroll software can be easily accessed by the managers, whenever they need it.

Owing to these advantages, many business organizations are turning to the payroll software for efficient management of their payroll.

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