Earlier this year, the Fair Work Ombudsman (FWO) announced several changes to employment regulations, many of which will take effect this August. The updates aim to create fairer and more transparent employment practices, address current gaps in the law, and meet the needs of today’s workplaces.
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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With the economy always changing money management is essential, in fact it is more important than ever. Especially being a contractor sometimes finding yourself between contracts for a few months, or if you want to take a well-deserved break. Being able to save money is a valuable skill to have and is especially useful to deal with changes in personal circumstances or challenging economic times should they arise.
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