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ThexArm
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Blknite, post: 206401 wrote:
1. Do I need workcover insurance ?
2. Do I need to register my co. for PAYG
3. And Shall I show myself as employee of my co. getting paid by PAYG ?
4. Or Is it OK for me to skip Point 2 and 3 , Just receive the money from agency into my co. account and that’s pretty much it ?
5. BAS statements – Can I lodge them myself or do i need an accountant ?

Congratulations on your employment!

You need to consult your accountant to find a tax effective way of doing things. Your agency is paying your company all the money that your earned without deducting any tax so all that money needs to be channeled in a legal way for you to use it. Otherwise you will get into trouble with ATO.

Whether you want to be an employee of your company or director is also an important consideration that your accountant can advise you. If you want to draw money as an employee then you will need to register your company for PAYG. Accountants can create tax effective scenarios for you. If you have an umemployed spouse or family member that member can be shown as a employee and pay minimum salary so that you total taxable income would be minimum.

You will need to register for GST since it is a company and collects GST. Your agency pays your fees along with GST. You could also claim GST on certain items you buy as part of your business. You probably be able to lease a car and claim its expenses as part of your business.

Since there is GST and probably PAYG involved you will definitely need to file BAS returns.

There is a quite a bit of paperwork involved and all the paperwork needs to be retained for 3 or 5 years in case ATO randomly selects your business for an Audit.

So, I would strongly suggest getting advise from an accountant.