UAE, Hong Kong and Russia best for tax

The United Arab Emirates (UAE), Hong Kong and Russia have the most attractive personal tax regimes, according to a survey by investment services firm Mercer.

Mercer's Worldwide Individual Tax Comparator Report found Australia ranked in the middle of the pack.
Belgium, Denmark and Hungary had the least attractive personal tax regimes.

The survey of tax and benefits systems across 32 markets quoted tax rates based on the average for a middle manager earning $91,000 per annum.

The survey also found married employees with two children were better off than single employees.
The Mercer report said single managers could do best in terms of net income in the UAE, which did not assess any income tax and only required that employees make a contribution of five per cent of gross salary in social security contributions.

The next best tax regime was Russia, which applied a flat tax of 13 per cent.

Hong Kong was third, requiring 14.2 per cent of gross base salary to be paid in tax and social security contributions.

Australia and India were tied in 14th place, with a tax rate of 29.1 per cent.

Mexico (8th), Brazil (9th) and Argentina (10th) led the American counties.

European countries - other than Russia - dominated the ranks of countries with the least attractive tax regimes.

Ireland was 18th, Spain 19th, Switzerland 21st, France 22nd and Germany 29th.

At the bottom were Hungary (30th), Denmark (31st) and Belgium (32nd), where single managers would have to pay tax and social security contributions of 48.5 per cent, 48.6 per cent and 50.5 per cent respectively.

Senior consultant Brian Waite said going to countries with low or zero tax rates was an important incentive for employees to work abroad.
In high-tax destinations, expatriate employees had to get compensation packages that would at least match their purchasing power at home.

Mercer researcher Niklaus Kobel said marital status was often a major factor in determining local tax rates.
In Hong Kong, a married manager with no children would pay 11.5 per cent in tax - lower than the rate for a single person - and a married person with two children would be taxed at only 8.9 per cent.

(Source: smh)

Don't be trapped into flood damaged cars

NRMA says the following may help to identify any water damage:

• Water or condensation in exterior lights
• 'Tide marks' at the carpet and door trims
• Dampness or musty smells
• Shrunken carpet
• Missing or ill-fitting drain plugs
• Surface rust at brackets under dash and under seats, although some light rust here is considered normal for older cars
• Difficult-to-operate door locks, ventilation controls and switches

An owner who wants to keep a flood-damaged vehicle should:

• Free drain holes from obstructions
• Check for dampness or mould and replace carpets if affected
• Listen for noises that get louder with speed and time, which could indicate imminent bearing or driveling failure

(Source: "Open Road")