Work & You – Tax Refund on Spot

Being employed will mean you are accepting a compensation or a pay, and you could be full-time, part-time, casual, a contractual worker or expert. Be that as it may, what do they all mean? What’s more, how can that influence how you get paid – and how you are taxed?

Full-time

A man employed on a permanent premise, working the grant recommended least hours every week, paid consistently, and qualified for every one of the advantages and leave privileges.

Part-time

A man employed on a permanent premise, working consistent hours that are inside of a base and greatest characterized number of hours every week, and entitled for the advantages with respect to the quantity of hours worked. Part time representatives are entitled for the same working conditions as full-time representatives, including, by and large, the same hourly rate of pay.

Casual

Casual representatives take a shot at an hourly or regular schedule, however by and large work less hours than the conventional week by week working hours of a full-time worker. To make up for passing up a great opportunity for the advantages recompensed full and part time employees, additional stacking is added to casual’s pay. Casual employees can work the same number of hours or shifts as a full-time employee and still not be viewed as lasting. A few working environments however may be required to offer full-time work to an casual who works conventional hours after a certain maintained time of doing as such.

Contractor

As a rule, contractors (or consultants) are independently employed individuals utilized for a particular task, at a concurred cost, considering a particular objective, and regularly over a pre-decided time period. They set their own hours of work and deal with their own tax obligation. They aren’t paid a salary or hourly rate, and because they aren’t an employee, a contractor’s position is more effectively fired than a “permanent” employee. Being a contactor’s worker does have tax implication.

Payment

Wages and salaries are the most well-known sorts of employee payments. Wage is viewed as a pay if the work is standard and wages if it is not consistent. Both must be announced in full on your tax return – unless particularly exempted.

For more information on myTax 2019, online tax return 2019, myGov 2019, Tax Return 2019 , or any other tax related matter, please call our professional accountant on 1300 768 284 . For more information please contact us at 1300768284 or you can email us atenquiry@taxrefundonspot.com.au

Building and Construction Industry – Employee/Contractor Decision Tool

To determine whether a worker is a contractor or employee, construction or building company can use this.

Employee/contractor decision tool

For super or tax purpose your worker is contractor or employee you should use employee/contractor tools. Worker work in your business or they are part of your business.

Contractors run their own business and provide services to your business.

Who should use the decision tool?

If your company pays workers, you can use this decision tool.

It is not designed for all situation such as:

  • When you sign an agreement with a company, partnership or trust for them to provide a worker
  • obtain workers through an intermediary such as a labour hire or on-hire firm

The benefit of using decision tools

You will get a report when you answer some basic question which include

  • give you answer whether your worker is employer or contractor as a tax and super
  • based on your answer you will get a summary.
  • information about the tax and super obligations you need to meet.

Provided your responses accurately reflect the working arrangement:

  • result provided by the tool will be accurate that you can rely on.
  • we will not charge you a penalty that might otherwise apply if we review the arrangement in the future and find you have not met your pay as you go withholding obligations for the worker.

For record keeping purposes keep a copy of the decision tool result.

Using this tool is completely free. Moreover, you will not require to provide any personal information, so you will be always anonymous

Things to remember

This Employee/contractor decision tool:

  • It will provide class of or status of worker under the law we administrate
  • is based on Taxation Ruling TR 2005/16 and Superannuation Guarantee Ruling SGR 2005/1 that discuss the various indicators the courts have considered in establishing if a person, engaged by another individual or entity, is an employee within the common law meaning of the term
  • It does not provide any other guidance, such as federal, state and territory government obligations which you need to meet – for instance, payroll tax obligations.

GET FREE Tax Refund estimate and Option of getting refund in 1 Hour, prior year Tax returns are also available, Just fill in your basic details on our website at www.taxrefundonspot.com.au or by emailing us on enquiry@taxrefundonspot.com.au we will check your employment history from ATO records, personal visit available at tax refund on spot.

For more information on myTax 2018, myGov 2018, Online Tax Return 2018 , or any other related matterplease contact us at 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

Working As A Contractor

Contractors have different tax and super obligations to employees.

As a contractor, you’re successively running your own business. You need an ABN, and you need to pay tax and super. You’re not permitted to paid leave if you get sick or injured. You may have to pay the cost to fix anything you damage in the course of your work. You may also have to pay the costs incurred by someone else if you cause an accident on someone else’s property.

You can be an individual (sole trader), or working in your own company, partnership, or trust. You might even call yourself an independent contractor, sub-contractor or a ‘subbie’.

It’s essential to find out what your tax and superannuation obligations will be as a contractor. Knowing these obligations from the set up can save you time, money and stress later on.

For more information on Etax, myTax ATO and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au