Personal financing tips for the self employed | Cash at Call
With tax concessions and legislative changes on the way, there?s never been a better time to consider self-employment as an alternative to a regular PAYE income. Flexible working hours, convenient home based business and the autonomy of being your own boss are all significant incentives to move into self-employment. But moving from traditional vocation to self-employment requires some careful financial planning. With thousands of Australians turning to an ABN income, here?s a quick rundown on personal finance for the self-employed.
1. Tax
Be diligent when it comes to keeping accurate and up to date accounting records. Set up costs, ongoing expenditures and income receipts are all essential when it comes to calculating your tax income at the end of financial year. Depending on the nature of your business and your annual working income, different tax regulations may apply. Unless provision is made during the business year, self-employed business owners may not be able to meet their tax liability when it becomes payable at the end of the financial year.
2. Income protection
Another thing to bear in mind before considering self-employment is employee benefits. Leaving the safety net of regular employment may mean leaving behind certain employee benefits like medical insurance and paid annual leave. Individual business owners should consider their personal circumstances, including liabilities, asset capital and income before taking out individual insurance policies.
3. Superannuation
Prior to becoming self-employed you may have belonged to a superannuation scheme where your employers made regular contributions on your behalf.? You will need to take this into consideration when deliberating your self-employed retirement plan. In some cases pension benefits may apply to self-employed Australians. It is best to consult a financial expert or superannuation company about your personal contribution options.
4. Personal finance
Self-employment can mean long and unpredictable working hours. You may also find an unstable income and irregular schedule make it difficult to organise the paperwork required to secure a personal loan.? There are a variety of reasons why a short term personal loan may come in handy as a self-employed Australian so it?s important to keep your financial options open. Investing in a long term relationship with a personal finance provider means a secure financial future for your business.
Cash at Call is a reputable financial services operator in Brisbane that specialises in serviceable loans for self-employed Australians. Cast at Call takes the time to understand the complexities of your individual loan application and values ongoing financial relationships with its self-employed business owners. As one of Australia?s leading providers of small personal loan companies, Cash at Call has helped thousands of self-employed Australian secure personal loans up to $5000. If you would like to talk to them about your personal loan options, call them on 1300 72 67 87.
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