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Can I use a Company or Trust to take Contracting Income?

Can I use a company or Trust to take contracting income?Professional contractors ask us if there are any benefits in setting up a Company or Family Trust and bill the agency or client for their contracting revenue.  The answer to the above lies in understanding the Personal Services Income legislation (PSI).  This question is not about status as ‘Contractor’.  Even though you may meet all the criteria of Contractor and fit the definition of Contracting, this is about how the ATO treats the payments made for tax purposes – as business income or personal income.  You need to earn Business income to reap any benefits from
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It’s tax time

It’s tax time…

But unlike other years, due to COVID-19 having a massive impact on our personal circumstances, there have been some big changes to how we do our tax returns. According to the ATO, nearly everyone’s circumstances have changed.

Here is scoop of things to know.

What can you claim while working from home?

Working from Home – How much can I claim?

To simplify things, the ATO has released an easy short cut method to make a claim from your working-from-home expenses. The Work from Home expenses internet, telephone, electricity, heating and depreciation of office equipment. You can claim 80 cents per hour for every hour you have worked starting from 01st March 2020. Using this method is easy to comply and only requires a timesheet or diary of hours worked from home.

Multiple people living in the same dwelling can claim the rate, and there is no requirement to have a dedicated work-from-home space.
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Every Day is Pay Day at SDP Solutions

Early pay

Do you want to get paid on the same day?

Most employers pay you either on a fortnightly or monthly basis, which has become a standard. This could mean high interest short term loans, overdraft fees, late credit card fees – resulting in anxiety in just surviving between pay days.  In fact, a recent report revealed that more than 50 per cent of Australians are stressed about their finances, with nearly 85 per cent saying it impacts their well being.  This is likely to affect your productivity at work and in turn your earning capacity.
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