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- Employment and the 457 visa
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- Right Corporate Structuring
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- Six Things that Can Keep a Business from Growing
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- How The Cloud and Automation Make Business Management Easier
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- FBT 2016 - WHAT YOU SHOULD KNOW
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- 6 Things that Work Better in The Cloud
- Can better inventory management improve business performance for Manufacturers?
- Should you register for GST?
- 5 Top Causes Of Stress for Small Business Owners Open page Preview for 5 Top Causes Of Stress for Small Business Owners
- 5 Reasons for Cash Flow Problems in Small Businesses
- Key man insurance, who do you need to insure?
- Finance options for buying a car
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- 7 Useful Web-Based Software Programs for SMEs
- Saving Tax Through Successful Loan Structuring
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- YML Insight April 2015
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- 2015 Federal Budget Report
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- Prepaying Interest
- Superannuation Contributions at EOFY
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- Small Business Cyber Security
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- Low and Middle Income Earners – Tax Offsets
- Mortgage Insurance
- 457 Visa
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- REMINDERS! LAND TAX REGISTRATION and DEED OF VARIATION
- UPDATING SMSF TRUST DEEDS
- SMSF - $1.6 MILLION TRANSFER BALANCE CAP
- CONTRACTOR vs. EMPLOYEE – EMPLOYER OBLIGATIONS
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- THE IMPORTANCE OF WITHDRAWING YOUR MINIMUM PENSION
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- YML MIGRATION – WHAT CAN WE DO FOR YOU?
- INVESTMENT LOANS – IS IT WORTH TAKING OUT PRINCIPAL + INTEREST at 3.89% RATE*?
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- Welcome your parents to join you in Australia with the NEW five year Sponsored Parent (Temporary) Visa
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- STP – COMPULSORY Cloud-based Payroll Reporting
- AI and RPA changing the Future of Work
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- Business Process Outsourcing (BPO) – Remote / Offshore
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- FAMILY TRUST DEED VARIATION
- ENCOURAGING NEWS FOR Permanent residency (pr) APPLICANTS
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- Introducing YML Migration
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- New Withholding for Non Residents
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- FBT on Christmas Gifts and Tax Deductibility of Christmas Parties
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- Co- Sourcing
- Shareholder's Agreements
CONTRACTOR vs. EMPLOYEE – EMPLOYER OBLIGATIONS
Are you sure that someone working for your company is a contractor? Could they be an employee? Or vice versa?
It’s time to check and get it right. The ATO is increasing its audit activity of ‘contractor vs employee’ obligations. Within your company there may be many different working arrangements and it’s your responsibility to get it right for each individual. Getting it wrong could mean penalties apply.
Employers are obligated in many areas including PAYG Tax, Superannuation and Fringe Benefits Tax (FBT). Your obligations will vary depending on your determination of whether someone is a contractor or an employee.
May not be applicable if Contractor provides materials as well as labour and/or delegates the work
Yes, if eligible Employee, pay at least every quarter
Hourly Rate Payable
Yes, pay a higher hourly rate
May not be applicable if Contractor has his/her own insurance policy
PAYG Withholding Tax
No, unless by agreement
May be applicable if Contractor is registered for GST
Taxable Payments Report
Yes, if Contractor has undertaken work within the Construction and Building Services industry
Employment Engagement Period
Contractor may leave at any time – Check any end-of-contract obligations
Employee secure – Check your pay and tax obligations for disengagement
*Obligations to a Contractor may vary depending on the structure of a Contractor’s business (company, trust, sole trader).
The ATO website has a chart you might use to help you determine whether someone is a contractor or an employee. Link: https://www.ato.gov.au/Business/Employee-or-contractor/Difference-between-employees-and-contractors/
It’s not a choice and there are rules, so ask us at YML Group to help you come to the right conclusion about your workers and meet your obligations in your business’s circumstances.
How can YML help?
Talk to our Accountants today to see how YML Chartered Accountants can assist you with your employer obligations. Contact us on (02) 8383 4400 or by visiting the Contact Us page on our website.