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Contractor Options

One of the key advantages of contracting is choice. As a Peoplebank contractor you have three different contracting options to choose from...

  1. Contracting as a PAYG Contractor
  2. Contracting as a Pty Ltd Company
  3. Contracting through a Management Company

Which option?

In choosing the right option for you, be sure to consider your personal and financial circumstances carefully before making any decision.

We also recommend that you fully discuss the options with your accountant and/or financial planner well before you accept a contracting role.

If you are a permanent resident of Australia you are able to freely choose from any of the three options, whereas the majority of non-residents choose the Management Company option.

Over the next three pages we describe each option in more detail, if you need any further information please contact your Peoplebank Account Manager.

 

PAYG 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.


PTY LTD Contracting

Pty Ltd contracting is an ideal option if you prefer the flexibility and control of running your own company.


Management Companies

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 Contracting

Simplicity

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 Programme.

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 taxResidents will need a visa to work in Australia); or

What Costs Are Involved? A small 2.5% administration service fee on your gross hourly pay.

Before You Start... All you need to do is visit your local Peoplebank office, sign the relevant documents and you’re ready to begin your contract!

PTY LTD Contracting

Flexibility

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 insurances. 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.

 Before You Start... After setting up your company, simply visit your local Peoplebank office bringing proof of ABN, Workers Compensation, Professional Indemnity and Public Liability Insurances and you’re ready to begin your contract.

Management Companies

Hassle Free

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 insurances

What Costs Are Involved? Contractor Management companies charge tax-deductible fees of around 5% per annum.

Before You Start... Make sure that you have selected a Contractor Management company and registered with them. We will need this information to ensure you are paid as quickly as possible before you start working with us.

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