IT Contracting your way
One of the key advantages of contracting is a choice. As a Peoplebank IT contractor, you have three different contracting options to choose from...
- Contracting as a PAYG Contractor - PAYG is an ideal option if you prefer the simplicity of Peoplebank managing all the time-consuming and costly administration tasks associated with being a Pty Ltd contractor.
- Contracting as a Pty Ltd Company - Pty Ltd contracting is an ideal option if you prefer the flexibility and control of running your own company.
- Contracting through a Management Company - Management companies are ideal for high-earning contractors who can afford the fee structures and want many of the same financial benefits of Pty Ltd contracting
PAYG is an ideal option if you prefer the simplicity of Peoplebank managing all the time-consuming and costly administration tasks associated with being a Pty Ltd contractor.
Peoplebank’s PAYG contractors also receive access to our exclusive Contractor Benefits Program.
As a PAYG (Pay As You Go) contractor, we take care of everything on your behalf including...
- Processing your pay
- Remitting tax as per your pay cycle
- Administering Superannuation to the fund of your choice
- Issuing your Group Certificate
- Liaising with the ATO
- Covering administration costs for Workers Compensation cover
- Administering all Workers Compensation claims
- Administering $10m of Professional Indemnity and $20m of Public Liability insurance
- Paying payroll tax (residents will need a visa to work in Australia)
What Costs Are Involved? A small 2.5% administration service fee on your gross hourly pay.
PTY LTD Contracting
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
- Acquire Professional Indemnity and Public Liability insurance. Peoplebank can also provide these insurances for a small fee of 1% of your hourly rate
- Administer your own Superannuation
- Complete BAS statements as required
- Prepare statutory accounts and pay for associated costs
- Contract under the increasing legislative challenges associated with 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.
Management companies are ideal for high-earning contractors who can afford the fee structures and want many of the same financial benefits of Pty Ltd contracting, without all the associated risks and time spent administering a company.
Contractor Management companies specialise in providing support services to independent contractors. Management companies will...
- Provide you with a company tax structure to work under
- Act as your own tax expert
- Take care of all administration and back office support on your behalf
- Maximise your tax position
- Cover you for Workers Compensation, Public Liability, and Professional Indemnity insurance
What Costs Are Involved? Contractor Management companies charge tax-deductible fees of around 5% per annum.