If you’re going to start contracting, we suggest putting 20% aside (as a minimum) to cover your tax.

★★★★★ 4.9/5 1 min read Updated 10/02/20

Put money aside for tax & GST

If you’re going into business, we suggest putting 20% aside (as a minimum) to cover your tax.  And don’t forget to put aside any GST if you’re charging it.  After your first year the ATO will ask you to pay your tax every quarter.  Everyone’s income and tax rates are different so plan ahead.

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