PAYG
If you are wanting to contract simply, Pay As You Go (PAYG) is an ideal option as Beacham Group manages all the time-consuming and costly administration tasks associated with being a contractor. As a PAYG contractor, we take care of everything on your behalf including:
- Processing your pay
- Remitting PAYG tax to the ATO
- Administering Superannuation to the fund of your choice or our default fund
- Quarterly payment of Superannuation (inline with legislation)
- Coordinating Salary sacrifice contributions into your nominated Superannuation account, if requested
- Co-ordinating the release of your annual payment summary from the ATO
- Covering the administration costs for Workers Compensation cover
- Administering all Workers Compensation claims
- Administering $10m of Professional Indemnity and $20m of Public Liability Insurance
All this can be done paperless without you having to even visit our offices; we try to make it that simple for you.
ABN or via a Personal Australian Business Number
Pty Ltd contracting is an ideal option if you prefer the flexibility and control of running your own company.As a Pty Ltd contractor you contract through your own proprietary limited company and need to:
- Work with your accountant to set up the company
- Register for GST
- Procure and administer Workers Compensation insurance
- Administer your own Superannuation
- Acquire Professional Indemnity and Public Liability insurances
- Complete BAS statements as required
- Prepare statutory accounts and pay for associated costs
- Contract under the increasing legislative challenges associated with the Alienation of Personal Services Income test (also known as the 80/20 rule)
What Costs Are Involved? Contracting as a Pty Ltd contractor involves a significant cost and time investment. Before choosing this option you should first carefully consult with your accountant.
Before You Start… After setting up your company, simply visit our office, bringing proof of ABN, Workers Compensation, Professional Indemnity and Public Liability Insurances and you’re ready to begin your contract.
