Modern awards (also known as industry awards) are a vital type of legal document that must be understood concerning having your employees. This is essentially a legal document that sets out minimum employment conditions in addition to the National Employment Standards (NES). As an employer, you must have a comprehensive understanding of which award covers…
Benefits of Becoming a Contractor A new wave of contractors has hit many industries and the old views of working for one stable job for the rest of your life is out the window. If you are independent and work in a highly specialised industry, there will come a time that you have the skills…
A comprehensive comparison table to help you to decide the most suitable business structure for you!
Choosing a business a sole trader vs company business structure can be confusing as each individual’s business situation is different. In our experience, many business owners consider between a sole trader vs company business structure when they’re looking to reduce tax liability, grow their business and to limit their personal assets from risk. In a…
Looking for an accountant? What you should be looking for in an accountant? What benefits can an accountant offer? Finding the accountant who will be the right fit for you can be a long and complicated process. The general view is that accountants are expensive and are only there to ‘fill out forms to keep…
Taking money out of a limited company for personal use Many contractors choose to operate out of a Pty Ltd company as it is the most suitable structure for them. A Pty Ltd Company is a separate legal entity and thus, all the money and assets belong to the company as opposed to the shareholders…
The Tax Guide for Contractors, Consultants, Freelancers and Locums As a consultant, contractor, freelancer and locum there is a range of taxation obligations you are required to deal with. It is important to speak to your accountant or the Australian Taxation Office (ATO) and Office of State Revenue (OSR) to ensure you have met all…
There is a lot of conjecture as to whether a written contract is required for all agreements or is a verbal agreement also legally binding? The answer to that is that both verbal or written can be legally binding. However, do we recommend it? And the answer is no. Why written contracts are better than…
Business Bank Account Guide for Contractors If you are operating your contractor business under a company, you will require a business bank account under the company name. The company is a separate legal entity and the company’s money must be held by the company. If you operating under your personal name (as a sole trader),…
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