Home – New Forums Money matters Help with directors wage

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  • #969011
    Bomber
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    Hi all,

    New to forum.

    Got a few questions which I hope somebody here may be able to help us out with.
    Firstly we have a newly formed company (previously a simple partnership). I work and draw a wage while my partner doesnt as he doesnt work in the business.
    Do we need to withold tax for my wage? (payg)
    And secondly if I do then I will need a group certficate for myself?

    Thanks in advance
    Steve

    #1036434
    Warren Cottis
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    Perhaps more answers than you wanted…

    you need to register your company as an employer with the ATO so that your employees’ tax (that’s you) is remitted to the ATO every quarter and they can send you all the annual forms to fill out like group certificates… now called “PAYG payment summary – individual non-business” … gee, I wonder what Einstein thought of that name?

    you will also need to nominate a superannuation fund because your new company will also have to send 9% of your before tax salary to a super fund on your behalf

    … and you need to contact an insurer to have workers compensation insurance for your company to cover you “the employee”

    #1036435
    Bomber
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    Thanks for your reply.

    I thought as much, we have one emplyee as so are already registered with the ATO.
    Not sure about the workers comp as my insurer told me as a director we cannot get cover?

    warrenc, post: 43919 wrote:
    Perhaps more answers than you wanted…

    you need to register your company as an employer with the ATO so that your employees’ tax (that’s you) is remitted to the ATO every quarter and they can send you all the annual forms to fill out like group certificates… now called “PAYG payment summary – individual non-business” … gee, I wonder what Einstein thought of that name?

    you will also need to nominate a superannuation fund because your new company will also have to send 9% of your before tax salary to a super fund on your behalf

    … and you need to contact an insurer to have workers compensation insurance for your company to cover you “the employee”

    #1036436
    MattR
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    #1036437
    Alan Maddick
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    Workcover normally forces you to insure yourself if you like it or not! I would highly recomend all business owners consider other forms of personal insurance. (even if you are required to have workcover) As a business owner and having exposure to workcover claims, having to make a workcover claim for yourself would never be a situation i would want to be in.

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