Are you an independent IT contractor earning around $180,000 per year?

If so, then I know you’re probably paying a tonne of taxes!

If I’m not being asked about cryptocurrency tax, then I’m definitely being asked about tax tips for contractors. And I have a lot of friends in IT … so you can guess what the dinner party conversations end up being about.

So, by popular demand, I’ve decided to bring IT tax tips to YouTube.

Let's start right away!

CHAPTERS:
0:00 Intro
0:18 Personal Services Income (PSI)
0:53 Starting a Company for Tax Purposes
2:12 Reasons To Start a Company
2:56 Company Tax Deductions
3:41 Deductions You Can't Claim
3:49 The 3 Tax Rules
4:47 Common IT Consultant Deductions
5:08 Drawing Money from the Company
6:13 Insurances for your Business
6:47 Final Thoughts


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Thank you for watching this video. I post weekly videos on this channel to provide the latest and most frequently asked business questions. Please take a second to say hi in the comments below. Also, if you enjoy my comments and find it valuable, subscribe to the channel, like and share it with anyone who you think might find my channel useful!

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   / daviemach  

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Davie has over 10 years experience in advising businesses in management accounting and taxation issues. He heads up a passionate team at Box Advisory Group who are dedicated to offering proactive and outstanding service to our clients.

Davie’s extensive experience in providing tax and consulting advice and astute business knowledge has paved the way for success for many businesses.

He is a member of the Chartered Accountants Australian and New Zealand, a member of the Australian Tax Practitioners Board and holds a Bachelor of Commerce degree from the University of New South Wales.

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Follow Me:
LinkedIn:   / daviemach  
Instagram:   / boxas_syd  
Facebook:   / boxadvisory  
Website: https://boxas.com.au/

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DISCLAIMER: Please note that every effort has been made to ensure that the information provided in this video is accurate. You should note, however, that the information is intended as a guide only, providing an overview of general information available to contractors and small businesses. This guide is not intended to be an exhaustive source of information and should not be seen to constitute legal or tax advice. You should, where necessary, seek your own advice for any legal or tax issues raised in your business affairs.



Video produced by Social Wave
https://www.socialwave.com.au