I have been offered a job but need to get an ABN as that's how they pay just wondering what taxes I have to pay week to week as the job is using there truck there fuel and there insurances just need to know what I have to put aside each week?

Hi David

If your turnover is over $75,000 then you will need to register for GST, charge GST, collect GST and submit it to the ATO. If your turnover is less than $75,000, you don't have to register.

In addition to GST (explained above), the only tax you will need to provide for is income tax. Unlike when you are employed and your employer withholds PAYG from your pay, being self employed comes with the benefit of getting money before tax and the responsibility on yourself to set aside the amount to be paid to ATO later. You can however enter into a voluntary agreement for PAYG withholding with the company.

As a rough guide based on taxable income, below are figure of tax you would need to pay (including medicare and taking into account low income tax offset but not medicare levy surcharge):
$25,000 - $1,182
$40,000 - $4,947
$50,000 - $8,547
$75,000 - 17,422
$100,000 - $26,632
$125,000 - 36,382

You can plan according to your income and set the amount to be paid to ATO at year end when you do your tax return.

Hi David

The first thing you really need to understand is if you are a real contractor or an employee.

Just because they make you get an ABN does not automatically mean you are a contractor.

What Suresh has said above is correct but have a look at this first and keep aside that money.

https://www.ato.gov.au/Calculators-and-tools/Host/?anchor=ECDTSGET&anchor=ECDTSGET/questions/ECDT#ECDTSGET/questions/ECDT

If you need help email me aj@shuriken.com

AJ