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  • #991161
    centennial
    Member
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    Hi There,

    We have recently moved to Sydney and my wife has managed to secure one 6 month contract role, paying around AUD600/day. Down the line, I will be starting contracting too, in IT consulting preferably. I tried looking in this website but struggling to extract the information we are looking for, so I though if you kind people can assist us please.

    Process is bit different here from England and we got stuck right at first step, about business structure.

    What you do reckon which structure is ideal for us i.e. company , single trader ?

    We both are expecting to get around AUD 1000/daily and came on PR visa.

    thanks

    #1180290
    NickKaro
    Member
    • Total posts: 226
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    Hi centennial

    Will need a bit more information about the work to be undertaken and the plan going forward to advise on an optimal structure. In any event, the advice will become too specific to provide on an online forum but happy to have a chat to assist.

    My direct number is 0401 154 313 and email is [email protected] if you would like to progress.

    Regards
    Nick

    #1180291
    Dave Gillen – Former FS Concierge
    Keymaster
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    Hi there Centennial,

    Welcome to Flying Solo! I’d speak to a professional to get it right, but please let us kknow how you go and we’d love to see more of you around the forums. :)

    Dave

    #1180292
    centennial
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    I have managed to speak to Nick which turned out to be very informative conversation. Thereafter I spent couple of more hours to read more about business structure but couldn’t find clear list of eligibility for each business structure.

    I have been suggested to go for Sole trader but not sure why I cant open the company (I had company in England) which is more likely to be tax efficient, albeit difficult to manage.

    any ideas please ?

    #1180293
    NickKaro
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    Rather than eligibility, the key issue with alternative structures such as companies is that the ATO can use the PSI/general anti-avoidance rules to remove the tax advantages of using such a structure.

    A starting point for your reading would be the following link: https://www.ato.gov.au/Business/Personal-services-income/

    #1180294
    James Millar
    Participant
    • Total posts: 1,739
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    centennial, post: 210286 wrote:
    I have managed to speak to Nick which turned out to be very informative conversation. Thereafter I spent couple of more hours to read more about business structure but couldn’t find clear list of eligibility for each business structure.

    I have been suggested to go for Sole trader but not sure why I cant open the company (I had company in England) which is more likely to be tax efficient, albeit difficult to manage.

    any ideas please ?

    There are lot of potential issues to consider based on your circumstances (including tax residency both now and in the future). I think you may find its a case that there is a limit to how specific advice can be without evaluating all of the facts carefully and then preparing considered (and insured) advice. You will probably need to engage and pay for an accountant to handle this for you.

    Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900
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