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01Aug 2011
Part 1 - Getting started as a medical professional contractor
Posted by Beat Medical
Guy Pearson CA from Interactive Accounting has put together a three part series on getting started as a contractor. If there is anything 
specific you would like to know, please comment on this post and we will answer your questions.
specific you would like to know, please comment on this post and we will answer your questions.Congratulations! You’ve decided to be a contract medical professional, now, what do you have to do?
How do you become a contractor?Contractors (or sole traders) are the term that refers to an individual being paid for services being provided without being engaged as an employee. To be legally able to be paid for your services as a contract
or you must register for an ABN.
How do I register for an ABN as a Sole Trader/Contractor?
You must register for an ABN with the Australian Business Register, which you can do here. You simply click “apply for an Australian Business Number” and fill in the details. It can take up to 28 days to be processed, so, it’s a great idea to plan ahead (where possible).
Just a quick reminder you will need your basic details on hand (TFN, DOB, address etc.) and you will need to remember both an application reference and a password for the ATOs system.
Do I need to register for GST?You will only need to register for GST if you plan to turnover > $75,000 in a given financial year. In the next blog we will focus on running your business and the effect GST has on it.
Other registration details (PAYGW, FBT, Fuel Tax Credits, TFN)
The other registrations, will be answered NO unless you require these registrations, unless you require the following features.
PAYGW: For employees payments
FBT: Tax on the private use of company goods
Fuel Tax Credits: For rural and transport businesses
TFN: Tax File Number, only if you don’t have one or it’s your first time working in Australia.
In the next article we will cover off what you should do for best practice in running your business.
Guy Pearson CA
Founder
Interactive Accounting
How do I register for an ABN as a Sole Trader/Contractor?
You must register for an ABN with the Australian Business Register, which you can do here. You simply click “apply for an Australian Business Number” and fill in the details. It can take up to 28 days to be processed, so, it’s a great idea to plan ahead (where possible).
Just a quick reminder you will need your basic details on hand (TFN, DOB, address etc.) and you will need to remember both an application reference and a password for the ATOs system.
Do I need to register for GST?You will only need to register for GST if you plan to turnover > $75,000 in a given financial year. In the next blog we will focus on running your business and the effect GST has on it.
Other registration details (PAYGW, FBT, Fuel Tax Credits, TFN)
The other registrations, will be answered NO unless you require these registrations, unless you require the following features.
PAYGW: For employees payments
FBT: Tax on the private use of company goods
Fuel Tax Credits: For rural and transport businesses
TFN: Tax File Number, only if you don’t have one or it’s your first time working in Australia.
In the next article we will cover off what you should do for best practice in running your business.
Guy Pearson CA
Founder
Interactive Accounting
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