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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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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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Victorian Labour Hire Licensing

Labour Hire Licensing Laws

Victoria is following suit of Queensland in adopting the labour hire licencing scheme.

Labour hire businesses must now apply for a licence to operate in Victoria.  The scheme commenced on 29th April 2019 giving labour hire providers 6-months (until 29th October) to apply for the licence.  From 30 October 2019, substantial penalties will apply to labour hire providers who don’t have a licence or a licence application pending and businesses that use unlicensed providers.
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