Salary packaging effectively means you are put on a PAYG salary with a management company but that your expenses and outgoings are incorporated into that salary giving you efficient tax relief. This is called salary sacrifice, where your base salary is adjusted to take into account any agreed benefits paid by your employer.
Typically these expenses will include:
- car leases
- purchase of computers
- mobile phones
- related work equipment
- training / career development
- professional society memberships
We'll help you select the salary packaging option that works best for you. Contractor Management companies invest an enormous amount of time and money to ensure that their solutions offer the highest fully compliant NET on your wages (i.e. tax savings for you!). As the contractor this means you get access to the very best tax and legal advice, the fees are vastly reduced due to the economies of scale and your administration is very low.
The best Contractor Management companies run heavily automated systems allowing you to process most things online and have up to the minute reporting on your current timesheets, invoices, payment status, tax liability, fees and other deductions.
Additionally they offer all sorts of member benefits such as novated car leasing, discounted health care, training, insurance, mobile phone contracts, travel insurance and a wide range of other services. But how do you select the option for you? What criteria should you evaluate them on?
We address your key concerns such as:
- What should you look for in a contractor management company?
- Will you need an ABN (Australian Business Number)?
- How can you minimise your risk and exposure?
- What happens if you or your client are investigated?
- How long does it take to get setup and how easy is it?
- Are they able to deal with any enquiries?
- Do they answer your phone calls?
- Are you able to see & file your invoices / timesheets / reports / expenses online?
- Are you covered by health, workers compensation and professional indemnity insurance?
- How much will you NET after all taxes, fees and social deductions?
- What happens if your employer / agent doesn't pay on time?
- How will you get your money?
- Are you protected against legislative changes?
- Are you claiming your full expense entitlement?
- Who will file your taxes and in which jurisdiction?
- What documentation will you need?
- Is your personal and financial data secure?
- Want to know more?
Our Australian partners have the full range of options available so you can pick a solution and provider that works for you. Best of all - it's completely free to get an individual assessment.