I need an Australian income tax specialist to advise me with a potential job offer.
I've been offered the job. He is wanting to know how much I want to do the job.
The job could pay anywhere from $70000 to $110000 AUD.
I require $81600 net per year to sustain my current income. I need to earn double this in gross earnings to clear $81600.
I have the opportunity to:
Accept the job as a PAYE employee.
Work as a sub contractor & invoice the employer monthly.
Or start a family trust where my wife can also draw a wage to minimize the tax.
Your task for this job would be to outline for me:
Which method I should take to pay as little tax as possible.
How much I should ask for in my acceptance of the job to achieve the most I can without insulting my new employer.
With your solution I want a breakdown of potential earnings & tax payable for Australian law.
i.e. If I created a trust, and billed the employer X dollars, I could pay my self & my wife X amount of dollars per year & pay X amount of tax.
The position is for Project manager.
Major deductions will be the use of my own car, phone & tools.