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What percentage of income do contractors take home?

What percentage of income do contractors take home?

Old Jun 30th 2008, 1:56 pm
  #1  
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Default What percentage of income do contractors take home?

How much of a contractor's income would typically end up in their pocket - after all taxes and other mandatory deducations?

Here in the UK, it can range anywhere from 60% to 90% - depending on how cutting edge you want to be with your finances. What's the typical percentage in Oz?

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Old Jun 30th 2008, 10:16 pm
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Smile Re: What percentage of income do contractors take home?

Originally Posted by CDM View Post
How much of a contractor's income would typically end up in their pocket - after all taxes and other mandatory deducations?

Here in the UK, it can range anywhere from 60% to 90% - depending on how cutting edge you want to be with your finances. What's the typical percentage in Oz?

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About 2/3

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Old Jun 30th 2008, 10:57 pm
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Default Re: What percentage of income do contractors take home?

It depends on your structure: PAYG (PAYE), Payroll Co, Ltd Co, Trust. Speak to a good accountant.

There is also personal services legislation in Australia. But not as destructive as IR35.

Last edited by ossigeno; Jun 30th 2008 at 10:59 pm. Reason: IR35 mention
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