Generally, major lenders view contract workers as potentially risky borrowers, considering them unstable and a high risk in terms of loan repayments.
The good news is that banks do have loans for self-employed people and contractors – so long as you can demonstrate your income.
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According to an Australian Financial Review article in April last year, payroll specialists and internal auditors are set to receive the biggest salaries bumps of around 5 to 8 per cent, while the rest of the finance sector will be lucky to secure 2 to 3 per cent pay rises.
Sourcing and engaging the right staff for your business doesn’t always happen at a local level. Sponsoring overseas talent can be the answer but it is quite often put in the ‘too hard’ basket due to the copious amount of paperwork and administration it brings.
While the lure of flexible work hours and great work life balance is an attractive benefit of being a contractor, there are many pitfalls you should avoid to ensure the longevity of your work freedom.
Time and time again we see contractors making the same mistakes, which form bad habits and can lead to long term problems.
Here are some Ayers tips to avoid common contractor pitfalls:
The payroll compliance landscape is constantly changing and making it increasingly difficult for businesses to meet their compliance obligations. This has seen enforcements issued by Fair Work Australia more than double between FY 2013–2015, delivering $1.9M in payments to employees.
We’ve introduced a Contractor Referral scheme which can earn you up to $300 Eftpos gift voucher each time you refer a colleague or friend that utilises our services.
If you want to find out more about how you can earn more money, please feel free to call one of the friendly Ayers Team on 02 9923 9900 or email: clare@ayers.com.au for further information
Once again we are delighted to be supporting Movember, a cause close to our hearts and one that proves as rewarding as it is fun.
We’ve got some great prizes up for grabs and of course, a goal to make 2015 our best collective effort yet to support men’s health in Australia.
So visit ayerymo.com.au and register yourself, remember to share with family and friends and get ready to down those razors from November 1st.
Get your ‘Mo’ on!
Katherine joins us with an extensive outsourced payroll background, she grew up on the South Coast of NSW.
Starting work as a receptionist in Sydney 6 years ago, her penchant for organisation smoothed the way for a quick transition into Payroll, which she’s loved…
“Everybody looks forward to payday, so it’s rewarding to know that I’ve played some part in making people’s lives better, paycheque by paycheque.
A few years ago I followed my sister and adorable nephews to regional Queensland, where I remained in payroll, returning to my original place of work in Sydney more recently.
Ready for a new professional challenge and the chance to be part of a thriving business, the opportunity to join Ayers is perfectly timed. I’m really looking forward to joining the team at Ayers and speaking with the contractors and clients!”
***LIMITED PLACES AVAILABLE***
If you would like to hear more about financial planning for wealth or ask Tanya a question, then why not join us for our Contractor Seminar, Pathway to Wealth, with Tanya Carlson.
Learn about:
Save your place now as we only have limited spots available!
November 12th 6pm – 7.30, Suite 30, Jones Bay Wharf, 26 – 32 Pirrama Road, Pyrmont.
Beer, wine and snacks provided.
Email clare@ayers.com.au to book your place and receive more details
Once again we would like to say a huge thank you to all those who afforded the time to complete our recent contractor survey, your time and feedback is really appreciated!
Whilst over 70% of you stated that income is the main appeal of contracting, many of you also claimed that ensuring continuity of work and managing salary, expenses and tax liabilities is of concern. 52% of you enjoy the flexibility and variety of being a contractor, however 40% stated that ensuring the continuity of contracts is the major issue.
So you know that we’ve taken your feedback seriously we’ve already implemented a few changes.
Over the next few months we’ll be holding regular seminars about the topics that are of most relevant to you. Your responses show that Salary & Expenses, Tax, Superannuation, Financial Planning, Immigration, Interviewing and recruitment advice along with hearing about other contractor experiences.
Watch out for more future changes!
