Contractors
Life of a Contractor
As a contractor, you enjoy independence and flexibility to reach your professional goals. Independent Payroll Services will help you achieve that with less paperwork and administrative burdens.
The life of a contractor can be both enriching and independent but this is complimented by accountability for your own affairs. The labyrinth of regulatory requirements and government compliance may not be one of your core competencies, but it is one of ours here at Independent Payroll Services.
Unload your paperwork, insurance, tax & invoices to experts at Independent Payroll Services. We have dedicated professionals on hand to navigate the intricate framework to comply with Australian regulations. The administrative and legal jargon need not weigh you down. Enjoy the rewards to being a contractor without having to be troubled by statutory obligations (the likes of superannuation and taxation) while maximizing your take home pay at every turn, with opportunities to take advantage of salary packaging services .
Not only do we manage all your financial to administrative back-office needs, but this is done with dedicated and professional industry experts knowledgeable in Pay As You Go (PAYG) and Salary Packaging. That’s peace of mind Independent Payroll Services can provide.
How Independent Payroll Services Can Help You
It is not always safe to assume that you will be deemed as ‘contractor’ or as ’employee’ by the Australian Tax Office. As a contractor, you will need to do the following that payroll solution experts at Independent Payroll Services can help you with:
- Facilitate your own tax obligations (GST & PAYG) yourself with relevant agencies.
- Register for GST and charge that 10% on the supply of services (if your turnover is greater than $75,000, but if less than that you can still choose to be registered to charge GST)
- Be aware of ‘personal services income’ (PSI) rules. PSI is defined as being ‘a reward for an individual’s personal efforts or skills’. This excludes simply providing goods, as with a retailer or manufacturer, or just using an asset like a truck to generate that income
- Be mindful of your cash flow which needs to be paid at the end of the year for tax and superannuation.
- Manage your running costs because for any company this may be high and will still be payable when you are not contracting.
However if you are like a majority of contractors that are best at what they do, there may not be enough time for you to go complete these on your own without sacrificing the quality of your work for your client. Besides, in spite of all this you would still miss out on Salary Packaging benefits which in some cases could save you thousands of dollars.
Insurance, invoicing, taxes and such paperwork are not things you need to worry about. This is where Independent Payroll Services comes in to provide you with payroll and back-office solutions in Australia.
Independent Payroll Services ensures these for you as we specialize in financial administrative support for contractors. Take advantage of our wealth of experience in salary packaging as well as payroll outsourcing.
Learn more about our