Home – New Forums Money matters Paying Sole Director, Company Expenses Reply To: Paying Sole Director, Company Expenses

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From a risk management perspective, it is worth considering how much workcover is if you are just above threshold (say $15,000) and take it out anyway. My guess is unless you are in a risky business, it wouldn’t be that expensive? In Vic, the companies ask you to estimate the payroll and then levy the premium with a year end reconciliation between what your payroll was and what it is – in my case, I got a small cheque back.

Other important risk management considerations for you are
a)key person insurance – if you sell the work/services etc and you can’t deliver it, who does? You’d need to pay someone so would be worth considering how your cashflow will cope
b) income protection – this could be tricky if you don’t have regular income eg if you haven’t set yourself a wage