What percentage of income do contractors take home?
Jun 30th 2008, 1:56 pm
#1
BE Enthusiast
Thread Starter
Joined: Nov 2001
Location: Under the glow of my new visa
Posts: 629
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?
- CDM
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?
- CDM
Jun 30th 2008, 10:16 pm
#2
Victorian Evangelist
Joined: Sep 2005
Location: Melbourne, by the beach, living the dream.
Posts: 7,704
Re: 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?
- CDM
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?
- CDM
Buzzy
Jun 30th 2008, 10:57 pm
#3
BE Enthusiast
Joined: Jun 2003
Location: Melbourne, Victoria
Posts: 524
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.
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
