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Salaries are paid by companies to their employees for the services provided by them. The salaries paid to employees consist of different components like basic pay, perquisites, allowances, and others. 

A change in the salary structure can have a huge impact on the employees including the tax exemptions claimed. If you need Salaries assignment help, you have reached the right destination.

We at BookMyEssay can craft perfect papers and thus you can depend on us completely. We have hired skilled and experienced writers who are always ready to assist with all kinds of papers. Our best Australian writers can ensure you the most trustworthy assignment solution.

What are Salaries?

Salaries are regular payments made by employers to employees for services, expressed either annually or monthly, however, they are paid commonly monthly mainly to white-collar managers, workers, professionals, and directors. 

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Salaries are decided by comparing what other employees are paid in similar positions and the same industry and region. Many big employers have the salary range and pay rates that are related to time served and hierarchy. Salaries in many countries are affected by demand and supply- the number of job vacancies for a particular position regarding the people who exist in that place and can fill the post.

What are the Components of Salaries?

The components are salaries are discussed in our Salaries assignment help in Australia as follows:

Basic Salary: It is the base income consisting of 35-50 per cent of the total salary. This is a fixed amount paid before reductions and enhances because of overtime, bonus, and allowances. the salary is decided on the designation of employees along with the industry he works. Other components are based on it. The amount is taxable.

Allowances: Allowances are paid to employees during their regular jobs. This can be fully or partially taxable that depends on its kind. The allowances offered and the limits vary from one company to another as per their policies.

House Rent Allowance: It is a component of salaries that are paid to employees to meet the cost of rented homes. This gives tax benefits to employees for an amount they pay for their accommodation.

Dearness Allowance: It is a specific percentage of basic salaries paid to employees to mitigate the inflation rate. This is paid to employees by the government.

Conveyance Allowances: This allowance is offered by employers to employees for compensating the travelling expenses to and fro from residence to offices.

Medical Allowance: This is a fixed amount that orgabizaions pay to employees for meeting their medical expenses.

Gratuity: It is a lump sum amount paid to employees who retire from an organization. This is payable to employees who have completed at least 5 years of service with a company.

Employees Provident Fund: It is an employee benefits scheme wherein both employees and employers make contributions every month. This is a saving platform, which helps employees save a part of the salary every month.

Professional Tax: This tax is levied on the income of salaried employees as well as professionals and paid to the state government.

Perquisites: As mentioned in our Salaries homework help service, perquisites are benefits, which employees enjoy because of their position.

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