Umbrella Companies
Another option for you to consider
While over 90% of contractors work through their own limited
companies, some don't want the hassle of setting up their own
company and either join umbrella companies or work on a self
employed basis.
Working in this way removes much of the administrative work
associated with running your own limited company. It is worth
considering enlisting the services of an umbrella company if you are
only planning to work in the contract market for a short period of
time or if you are new to Australia and are not familiar with our
financial regulations and tax system.
In return for a weekly fee and dividends worked out on contract
fees the umbrella company will do your books, company accounts,
invoicing, payroll, GST processing and end of year returns.
You will still be eligible for all the tax savings open to
contractors operating through their own limited companies. On the
down side you could end up paying out a great deal of money in fees
to the umbrella company if you remain a contractor for a number of
years. However, there is nothing to stop you setting up your own
limited company further down the line if you feel your future lies
in contracting.
Disclaimer: This
information is of a general nature and is not to be construed as
financial advise. All facts contained therein represent the
understanding of these matters by Infopeople as at the publishing
date of this web site.
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Contractor Time Sheets
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About Contracting
Just a few considerations for new and existing contractors
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