Superannuation
Definition
Australia's compulsory retirement savings system, under which employers contribute a set percentage of an employee's earnings to a super fund. The contribution rate is set by law and has been rising in steps.
Related Terms in International Tax
T4 Slip
A Canadian year-end statement an employer issues showing an employee's employment income and the deductions withheld, used to file the individual income-tax return. It is Canada's counterpart to the US W-2.
GST/HST Return
The return a Canadian business files to report the GST or HST collected on sales and the input tax credits claimed on purchases, remitting or reclaiming the difference.
CRA Business Number
A unique number the Canada Revenue Agency assigns to a business as a single identifier across its program accounts, such as GST/HST, payroll and corporate income tax.
Input VAT vs Output VAT
Output VAT is the tax a business charges on its sales; input VAT is the tax it pays on purchases. A VAT return pays over output VAT less reclaimable input VAT, so only the value added is taxed.
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