You may be at Risk
Many contractors think they may receive more tax effective options by working as a Sole Trader or through a PTY (Propriety Limited Company) but research shows this method is risky and costly. Most professional contractors are not able to satisfy the Personal Services Income tests (PSI) and are therefore open to prosecution by the ATO.
Most contractors do not realise that the PSI rules are a lot more than just the 80/20 rule. This is only a small part of it. As a contractor if you are supplying your services, you do not pass the tests. Recent audits on independent contractors found that 94% of all independent contractors were non-compliant. Clearly, this exposes you (and the engaging company) to a high level of risk. Eliminating this risk is easy – choose Power Pays. We will take care of the entire administrative burden for you, make sure your tax and super are being paid correctly and help you reduce the tax you pay and increase the after tax dollars in your pocket through some great salary packaging options.
Power Pays is the Solution
Power Pays specialises in contractor payroll service for your contracting life. As you move through your contracting career you will have contracts through various recruitment agencies and also with direct clients. Power Pays can be your partner throughout which will provide you with an ongoing employment history ensure you are tax compliant and assist you to maximise the dollars in your hand at the end of the day. We provide payroll services for the Professional Contractor, across a wide variety of white collar industries throughout Australia.
Power Pays provides contractor payroll services that are tailored specifically for your needs. These services are designed to effectively take the stress out of your day-to-day administration and compliance issues effecting Independent Contractors working in Australia. At Power Pays our entire payroll is done in house, we do not outsource your payroll overseas like many others do.
Power Pays offers effective, streamlined and innovative solutions to contracting professionals. This will allow you to maximise your income as well as giving you the time to focus on your career.