ABN Question

[Wrexter]

Wondering if any resident accountants or Sole Traders/Contractors can help me.

I started work for a company working as a mechanical engineer, and due to unknown workloads, they requested i get an ABN and initially work at a contactor. After a month they want to put me on full time and i will no longer need to have ABN.

I havent been paid for my first month yet and they have asked how i want it paid. Lump sum through ABN or taxed.

I would rather lump sum so that i can stick it in my offset account and pay tax at the end of the financial year

My question is, will i pay tax at EFY or will i have to submit a BAS (Business Activity Statement) this quarter and pay tax now.


Thanks for any help.

[Lump]

when i was a contractor i had to pay tax quartlerly, i assume you would be the same

[Tre-Cool]

as far as im aware, not declaring an abn meant that any amount paid to you had to be tax withheld at the maximum rate of Personal Income Tax.

ABN is not to be confused with GST either, which if you earn i think more than 75K per year you need to charge?

[Wrexter]

Thanks guys, called them up. I can just declare my ABN earnings at EFY and pay the tax then. Cheers

[_S9_]

Don't forget to put away your own super!