Gianluca Ferretti and Comelit were the first to believe in us, back in 2016. It’s hard to imagine where Algebra would be today without that initial support.

What an incredible journey… Initially, Comelit had just acquired a small local distributor. I still remember the first visit: there were just a couple of people and the accounting was done on paper ledgers… in Chinese! Now, eight years later, they not only operate in Singapore but also in various countries across Southeast Asia and Australia, with a team of over 20 employees and a modern control system to manage all projects in the region. Congratulations to Comelit and kudos to Gianluca!

It is a privilege to work and grow together with you. We are filled with enthusiasm for this new chapter in Australia. Thank you again for your trust then and now.

L'articolo Our long-standing collaboration with Comelit continues to expand proviene da Algebra.

Who is entitled to Superannuation?

All workers over the age of 18 or even minors who work more than 30 hours per week are entitled.
Super is a long-term investment that grows over time.
The more you contribute during your working life, the more you will have for retirement.
Super starts when you begin working, and your employer begins contributing a percentage of your salary—currently 11.5%—into your super fund.
The employer pays the super in addition to your salary.
You can make voluntary contributions up to a maximum limit.
In general, you can choose in which fund to invest your super and how.
You must keep track of your super by checking that your employer is paying the correct amount and ensuring that it is invested efficiently, as the chosen fund invests and manages this money until your retirement.

Unless under very limited circumstances, you cannot withdraw money from your super or begin drawing income until you reach retirement age.
Penalties and fees apply for accessing super illegally.
In this regard, the ATO (Australian Taxation Office) plays an important role, working with super funds, employers, and other government agencies to manage the key elements of the Australian pension system. Specifically, the ATO:

• Provides super fund members with information and tools to track their super and rights.
• Monitors the use of tax concessions on pension funds to ensure a high level of compliance.
• Supports employers in meeting their superannuation obligations.
• Regulates and supports self-managed super funds to ensure they are legally managed for retirement savings.

Early Access to Super:

In very limited circumstances, you can access your super early:

• For medical, compassionate, hardship, or incapacity reasons.
• Under the First Home Super Saver Scheme, to withdraw voluntary contributions made to your super.
• If you are a temporary resident leaving Australia.
• If your super balance is less than $200 and your employment has ended, or if you have a “lost super” account with a balance less than $200.

More about Temporary Residents Leaving Australia:

If you worked in Australia on a temporary visa, you may have accumulated superannuation contributions made by your employer according to the applicable laws.
You may be entitled to receive (after tax) this amount (and any interest accrued and other contributions) as a final payment from the Australian superannuation fund (DASP – Departing Australia Superannuation Payment) after leaving.

You can apply for the DASP if you meet all the following criteria:

• You have earned superannuation contributions during your work in Australia on a temporary resident visa issued under the Migration Act 1958 (excluding subclasses 405 and 410).
• Your visa is no longer valid (expired or cancelled).
• You have left Australia and are not holding any other active Australian visa.
• You are not an Australian or New Zealand citizen, or a permanent resident of Australia.

Although you cannot apply for the DASP until you have left Australia, we strongly recommend gathering all necessary information and starting your application before departure. It may be difficult to initiate the process after you leave.

How to Track Superannuation Contributions?

If you have worked for more than one employer, you may have multiple superannuation accounts, possibly with different super funds.
If you are unsure about which super fund your contributions have been paid into, you can search:

• By using the DASP online application system after meeting the eligibility requirements and providing your TFN.
• By using ATO online services or the ATO app (after creating an account on myGov and linking it to the ATO).

Employers are required to pay superannuation contributions quarterly, so you should check with your employer to ensure all contributions have been paid before submitting your application.

If you haven’t applied for the DASP, your super fund will transfer the accrued amount to the ATO as unclaimed super contributions if:

• Six months or more have passed since you left Australia.
• Your visa is no longer valid.

You may be able to request ATO-held super (the amount of super held by the ATO) as DASP.

Super Contribution Amounts of $5,000 or More:

If your super contributions amount to $5,000 or more, your super fund will require certified copies of your identification documents.
For super contributions of $5,000 or more, paper applications to super funds may require a Certification of Immigration Status from the Department of Home Affairs, which incurs a fee for issuance. It will be sent to you by email and to the super funds you nominate.

Super Contributions Below $5,000:

For super amounts below $5,000, you can prove that you left Australia and your visa expired without completing the Certification of Immigration Status.
Check with your super fund to see what is required. However, if you are unable to provide such proof, the super fund may request a Certification of Immigration Status from Home Affairs before proceeding with your application.

If you held a Working Holiday Maker (WHM) visa and didn’t apply for a Certification of Immigration Status from Home Affairs, you’ll need to provide your visa information in your paper application.
This information will be compared with Home Affairs data, and your application might take longer to process if the details do not match.

How and When DASP is Paid:

Your DASP will generally be paid within 28 days of receiving the complete application. It may take longer if you submit an incomplete application or are required to submit additional supporting documents.

There are three payment options:

• Electronic funds transfer (EFT) to an Australian bank account.
• Cheque in Australian dollars.
• International money transfer (IMT) – only for super fund applications.
  Not all super funds offer IMT.
  Fees and charges may apply (including currency conversion), so check with your fund to see which payment options are available.
  EFT is usually the most efficient payment method, and we recommend keeping your Australian bank account open to receive the DASP payment.
  Check with your Australian bank to see if they can arrange the transfer to an account in your home country.

How DASP is Taxed:

When paid, a final tax is withheld from the DASP.
The payment may consist of two components, one taxable and the other tax-exempt.
Different tax rates apply to Working Holiday Maker (WHM) visa holders.

The payer of the DASP must provide a summary of the DASP payment within 14 days of making the payment.
The summary will indicate the amount of tax withheld from the DASP and the amount paid.

How Tax Rates are Calculated:

The DASP tax rate will be determined by each super fund individually, as each fund makes a separate payment.
Each super fund will assess your application and determine the tax rate based on the information it holds about your contributions.

Do Not Include DASP in Your Tax Return:

DASP is not considered taxable income for Australian tax purposes.
A final tax is withheld from the DASP when it is paid, and this amount should not be included in your tax return either.

Source: www.ATO.gov.au

L'articolo What is Superannuation? proviene da Algebra.

Andrea Monni, a partner at Algebra, attended the event and witnessed firsthand the remarkable realization of this initiative. Villaggio Italia exemplified how cultural diplomacy can act as a bridge between nations, fostering a deeper appreciation of Italian excellence abroad.

The highlight of the evening was a culinary journey that transported participants through Italy’s diverse regions. The menu was guided by skilled Italian chefs and reflected the country’s culinary tapestry. Each dish was a tribute to the craftsmanship that defines Italy’s culinary legacy.

The seamless fusion of gastronomy and artistic expression set Villaggio Italia apart. Guests enjoyed live musical performances, traditional dances, and modern interpretations of Italian art. These elements elevated the evening beyond a simple dining experience, creating a multidimensional celebration of Italy’s cultural richness.

The event owed much of its success to the visionary leadership of Michele Dossi, President of ITALCHAM – the Italian Chamber of Commerce in Malaysia, and Erika Angelozzi, its Secretary General. Their dedication and attention to detail ensured a flawless execution that inspired attendees.

Massimo Rustico, Italy’s Ambassador to Malaysia, added gravitas to the occasion. His presence underscored the importance of the event as a tool of cultural diplomacy, highlighting Italy’s commitment to fostering strong ties with Malaysia through shared experiences and values.

The setting, Mesa on 51, provided an elegant and sophisticated backdrop for the evening. The panoramic views of Kuala Lumpur’s skyline and the intimate ambiance reflected the fusion of modernity and tradition—a fitting metaphor for Italy’s enduring global influence.

Villaggio Italia is more than just an evening of indulgence; it is an example of how Italy leverages its cultural assets to build bridges in an increasingly interconnected world. Events like these reinforce the importance of cultural diplomacy, showing how food, art, and tradition can transcend geographical and political boundaries.

Congratulations are due to Michele, Erika, Massimo, and the ITALCHAM team for orchestrating an extraordinary event that delighted its audience and strengthened Italy’s cultural and economic ties in the region.

The evening left a strong impression, serving as a reminder of the enduring appeal of Italian culture and its ability to connect people across continents.

L'articolo Celebrating Italian Excellence in Kuala Lumpur: Villaggio Italia proviene da Algebra.

Benefits:

• More choice of hospitals and doctors.
• Coverage for extra services (e.g., physiotherapy, dental, glasses).
• Avoid the Medicare Levy Surcharge (MLS) if you earn above a certain threshold.
• Reimbursement for lower premiums or tax reductions if your income is below a certain threshold.
• Lifetime Health Cover: Take out hospital insurance before age 31 to avoid higher premiums in the future.

Medicare Levy Surcharge (MLS):

• The MLS is a tax for those earning above a certain threshold and not having private health insurance.
• Rates range from 1% to 1.5% depending on income.
• The tax also applies to dependents (e.g., spouse, children under 21).

Avoid the MLS:

• Income below the threshold or private hospital insurance covering the entire family.
• If you have a policy with a higher excess than $500 (single) or $1,000 (families), you may be exempt from the surcharge.

Private health insurance is not mandatory, but it offers more flexibility and quicker access to treatments.

Source PrivateHealth.Gov.Au

www.ato.com

L'articolo Private Health Insurance in Australia proviene da Algebra.

After submitting the application, the FIRB is required to respond within 40 days, but it reserves the right to extend this period to 130 days in extraordinary circumstances.

While waiting for approval, you can still sign contracts, but it must be stated that the contract is conditional on obtaining the authorization; otherwise, you risk breaching the contract and becoming liable for financial penalties.

However, pending the authorization, you cannot participate in or win auctions (a fairly common practice in Australia), as auctions are conducted without the possibility of including contingency clauses.

If you are purchasing a newly built property or rural dwelling, it may not be necessary to obtain FIRB approval by submitting an exemption request.

Registration fees for acquisitions of established dwellings from July 1, 2024, to June 30, 2025

Registration fees for acquisitions of new or near-new residential dwellings or vacant residential land from July 1, 2024, to June 30, 2025

Source: ATO Foreign Investment in Australia

L'articolo Residential real estate proviene da Algebra.

DUBAI ACTIVE SHOW 2024 will be the perfect opportunity to meet and get to know companies in the wellness sector. 🌟

👉 Our team will be available to provide advice on tax management, accounting and business opportunities for Italian and European companies that aspire to grow and develop in the UAE market.

We want to show that well-being is not just limited to physical fitness, but also includes financial health! 💼🏋️‍♂️

🧠 Why attend a fitness event? Because, just like a good workout, careful tax management is the key to achieving your goals and improving your performance… Financial! 💡

📍 Come and visit us at booth L2 and find out how we can help you keep fit even financially, while immersing yourself in the energy and enthusiasm of the fitness world!

We are waiting for you for a consultation… with an extra gear! 😉

L'articolo 🚀 We are ready for the DUBAI ACTIVE SHOW 2024! 🚀 proviene da Algebra.

During these past years, IEG has significantly expanded its presence in Singapore, marking a pivotal development in their journey. A highlight of this expansion has been the successful acquisition of major trade shows in the jewellery and food & beverage sectors, such as: “Café’ Asia / Sweets & Bakes Asia”, “Singapore International Jewellery” and others. These strategic moves not only enhanced their portfolio but also solidified their position in the regional exhibition industry.

At Algebra, we have had the privilege of supporting IEG Asia through the intricacies of these acquisitions. Our consultancy provided tailored strategic advice and insights, addressing challenges ranging from due diligence to integration strategies. Our collaborative approach ensured that every step of the acquisition was aligned with IEG Asia’s long-term goals.

The journey with IEG Asia has been immensely gratifying. Through our partnership, we have witnessed first-hand the transformative impact of these acquisitions. The trade shows have not only grown in scale but have also significantly contributed to the local economy, bringing new opportunities and innovations to the forefront of the industry.

Looking ahead, the future is bright for IEG Asia in Singapore. With ongoing projects and potential expansions on the horizon, we are excited to continue supporting them as they reach new heights. Once again, we congratulate IEG Asia on their well-deserved success and look forward to achieving even greater milestones in the future.

L'articolo Celebrating Innovation and Success: IEG Asia Pte Ltd at the ICCS Business Awards 2024 proviene da Algebra.

Our office is located within Italiacamp Hub for Made in Italy, a reference point for Italian companies wishing to expand in the United Arab Emirates and the Middle East. Here too, we offer a wide range of tailor-made services to support companies in their internationalization journey.

Comprehensive services for Italian companies

Our group of experts is available to assist Italian companies in all steps of their setup and development in the Emirates. Our services include:

• Tax consultancy: Assistance in defining the most advantageous tax structure, managing periodic and annual tax returns.
• Accounting: Full management of accounting and bookkeeping, from the registration of invoices to the preparation of financial statements.
• Reporting: Periodic reporting and data analysis to support strategic decisions.
• Administrative consulting: our collaborators are available to assist on every task and procedure for obtaining licenses, authorizations, visas and work permits.
• Bridge to the Far East and Australia: the deep interconnection with our offices in Singapore, Australia, the Philippines and Malaysia can offer the possibility of managing growth and penetration in even the most distant foreign markets in an integrated and harmonious way.
• Digitalization and AI services: Thanks to the digital cloud platforms we use, we enable the fully digital management of all administrative, accounting and control processes directly online, regardless of where the customer, the company and the business are located.

Why choose our Dubai office?

• Strategic location: Located in the UAE, in the heart of the Dubai World Trade Centre, we are easily accessible and well connected to the main business centres of the Middle East and Dubai itself.
• International market experts: Our team has an in-depth knowledge of international dynamics, being able to facilitate the workflow and sharing of information in Italian to and from all over the world.
• Customized services: We offer tailor-made solutions to meet the needs of each individual company.
• Network: Thanks to our network, we can connect Italian companies with the dynamic economic reality of the Emirates, the Middle East and from there to all of Asia and Australia.

ALGEBRA is your ideal partner to enter the UAE and Middle East market.

Contact us for more information.

Convention Tower, 4th Floor, DWTC, Dubai, UAE, P.O. 9656

Phone: (+971) 47 183 120

info@algebadub.ai

www.algebradub.ai

L'articolo ALGEBRA new headquarters in Dubai: a new bridge at the service of Made in Italy in the Emirates proviene da Algebra.

The ASEAN Free Trade Area (AFTA) represents a significant trade bloc agreement orchestrated by the Association of Southeast Asian Nations (ASEAN). This strategic initiative is focused on bolstering local trade and manufacturing capabilities within the member states while facilitating comprehensive economic integration with both regional and international partners. AFTA’s foundational aim is to create a seamless and competitive economic landscape across the ASEAN region, promoting mutual growth and stability.

AFTA is comprised of three core agreements signed by the ten ASEAN member countries: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. Collectively, these countries form a robust economic region within the Asia-Pacific. Additionally, ASEAN has established individual free trade agreements with major global economies including China, Japan, Korea, Australia, New Zealand, and India. These countries, together with ASEAN, are often referred to as ASEAN+6, indicating a broader economic partnership beyond the immediate region.

The primary objective of AFTA is to eliminate tariffs on goods, investments, and services traded within the ASEAN region, thus fostering a more integrated and efficient market. The three pivotal agreements under AFTA are the ASEAN Trade in Goods Agreement (ATIGA), the ASEAN Trade in Services Agreement (ATISA), and the ASEAN Comprehensive Investment Agreement (ACIA).

ASEAN Trade in Goods Agreement (ATIGA)

The ASEAN Trade in Goods Agreement (ATIGA) is one of the cornerstone agreements within the ASEAN Economic Community (AEC). Initially signed in February 2009 and coming into effect on May 17, 2010, ATIGA builds upon the earlier commitments made under the Common Effective Preferential Tariff (CEPT/AFTA) scheme introduced in 1992. This agreement marks a significant step towards comprehensive governance of all intra-regional trade in goods.

ATIGA is instrumental in promoting the free flow of goods within the ASEAN region. By reducing trade barriers, it aims to deepen economic linkages among member states, lower business costs, increase trade volumes, and expand market size, thereby offering economies of scale for businesses operating in the region.

Key Benefits of ATIGA:

1. Tariff Elimination: ATIGA eliminates tariffs on virtually all product lines traded within ASEAN, making goods more affordable and competitive.
2. Back-to-Back Shipments: The agreement allows for seamless back-to-back shipments of goods within member countries, facilitating smoother trade logistics.
3. Third-Party Invoicing: It permits third-party invoicing of goods, providing flexibility in commercial transactions.
4. ASEAN Cumulation: This principle allows originating materials from any ASEAN member state to be considered when determining the origin criteria of final products manufactured in another member state. This makes it easier for exporters to meet the requirements for preferential treatment.
5. Online Tariff Finder: Traders can utilize the online Tariff Finder service to check if their products are eligible for tariff concessions under this FTA.

Product’s Rules of Origin:

Rules of origin are critical in determining whether a product qualifies as originating from an ASEAN member state, making it eligible for tariff reductions under ATIGA. These rules ensure that only goods genuinely produced within the FTA partner countries benefit from the agreed tariff concessions.

Under ATIGA, goods are considered “originating” and thus qualify for benefits if they meet specific criteria:

1. Wholly Obtained or Produced Goods: Goods that are entirely produced or obtained within an ASEAN member state qualify automatically.
2. Not Wholly Obtained Goods: For goods that are not wholly obtained, there are several criteria they must meet:
   • At least 40% of the product’s content must originate from the ASEAN region (Regional Value Content, RVC).
   • Non-originating raw materials must undergo a significant transformation, such as a change in the first four digits of the HS code, indicating a substantial change in tariff classification.

Cumulation:

Cumulation allows the ASEAN countries involved in the trade agreement to share production processes and collectively meet the relevant rules of origin. This provision is beneficial for producers within ASEAN as it enables them to source materials from all member states without losing the tariff reductions, thus encouraging more intra-regional trade and cooperation.

De Minimis:

The de minimis rule provides flexibility by allowing goods that do not fully meet the required change in tariff classification to still qualify for preferential treatment under certain conditions. Specifically, if the value of non-originating materials used in the production of a good does not exceed 10% of the FOB value, and the good meets all other criteria, it can still be considered originating under ATIGA.

Certificate of Origin:

To take advantage of the tariff concessions available under ATIGA, exporters need to obtain a Certificate of Origin (CO). This document certifies that the goods comply with the origin criteria. The process involves:

1. Registration: Manufacturers or exporters must first apply for registration, during which a customs agency inspects the production process to verify manufacturing operations, machinery, manpower, and production records.
2. Manufacturing Cost Statement (MCS): This statement must be prepared for each product to demonstrate compliance with local value content requirements or changes in tariff heading. It is typically valid for one year.
3. Application for CO: After MCS approval, manufacturers must apply for a preferential CO for each shipment. The CO, usually valid for one year, must be signed by the manufacturer and sent to the importer to claim tariff concessions.

Importers must ensure their suppliers adhere to FTA protocols and include the appropriate documentation with their shipments. The preferential CO, issued by the exporting FTA partner country, proves that the imported goods meet the relevant rules of origin, facilitating smoother and more advantageous trade.

ASEAN Trade in Services Agreement (ATISA)

The ASEAN Trade in Services Agreement (ATISA) is designed to enhance trade in services across ASEAN, replacing the previous ASEAN Framework Agreement on Services (AFAS). ATISA creates a more integrated, liberal, and predictable environment for service providers, ensuring market access and regulatory transparency.

ATISA adopts a negative listing approach, meaning all services sectors are considered liberalized by default unless explicitly stated otherwise. This approach increases transparency and provides greater certainty for service suppliers. An ASEAN member state (AMS) company looking to offer services, such as engineering or database services, will benefit from equal treatment in other AMS countries, ensuring they are not treated less favorably than local or non-member companies.

Sectoral Annexes:

ATISA includes three specific sectoral annexes that address:

1. Financial Services
2. Telecommunication Services
3. Air Transport Ancillary Services

These annexes contain specific obligations aimed at enhancing regulatory cooperation among AMS, thereby facilitating smoother operation and integration of these crucial sectors.

ASEAN Comprehensive Investment Agreement (ACIA)

The ASEAN Comprehensive Investment Agreement (ACIA) serves as the primary economic tool to establish a free and open investment regime within ASEAN. ACIA aims to protect investors and their investments, creating a liberal, facilitative, transparent, and competitive investment environment.

ACIA prohibits performance requirements and uses a “two-annex” negative-list approach:

1. Annex on Non-Conforming Measures: Lists existing measures that do not conform to the liberalization commitments.
2. Annex on Excluded Sectors: Details sectors or subsectors not subject to liberalization.

This structure ensures clarity and transparency in the investment landscape, promoting investor confidence and facilitating increased investment flows within the region.

ASEAN+6 Rules of Origin

Each of ASEAN’s free trade agreements with its +6 partners has specific rules of origin requirements:

1. ASEAN-China FTA: Requires a regional value content of at least 40% or compliance with product-specific rules.
2. ASEAN-India FTA: Requires 35% regional value content based on FOB price and a change in tariff subheading.
3. ASEAN-Korea FTA: Requires 40% regional value-add based on FOB price and a change in tariff heading or compliance with product-specific rules.
4. ASEAN-Australia-New Zealand FTA: Similar requirements to the ASEAN-Korea FTA, including a 40% regional value-add and change in tariff heading.
5. ASEAN-Japan Comprehensive Economic Partnership: Similar to the ASEAN-Korea FTA, requiring a 40% regional value-add and a change in tariff heading.

By adhering to these comprehensive agreements and rules, ASEAN aims to create a more integrated and competitive regional economy, enhancing trade and investment opportunities for all member states. This framework supports ASEAN’s vision of becoming a significant economic player on the global stage, driving sustainable growth and prosperity for its member nations.

L'articolo Overview of the ASEAN Free Trade Area (AFTA) proviene da Algebra.

The Algebra Corporate Services team, with strong expertise in Southeast Asia and Australia, is committed to providing tailored advisory services that meet the specific needs of their clients, navigating the complexities of local markets with deep local and global expertise.

In this special issue, the magazine features a detailed article on the history, skills, and advisory activities of Algebra Corporate Services, emphasizing their commitment to excellence and innovation.

A special thanks goes to Franco Aprile, President of Horizon Consulting, whose support and vision have made this significant collaboration possible.

L'articolo Special edition of Horizon Magazine: Focus on Algebra Corporate Services proviene da Algebra.