Leaving Employment to Work for Myself

[roxy]

Hi,

 

Hope this is the right place. Using my partners account to try and gain some info/feedback.

I've been in Aus on a 457 Visa and have recently had my PR granted. So basically I've been on Payroll the entire time I have been here but now I have the option to do some jobs on my own (I'm a plumber by trade) So I just want to make sure as far as finances go that I have everything covered. Are there any Tradies on here could give me info on what I need as far as working for myself. I'll be doing a mixture of working with my current employer, doing my own jobs/contracts.

 

1- Bank Accounts, Do I need a business one? Ideally I'd like to keep everything separate from our everyday account.

2- Super, I would like to continue paying my super can I do this into the same fund details I have given to my employer?

3- Insurances.. do I need or would you recommend any income insurance?

4- ABN, I have an ABN from when I first arrived in Aus but I hadn't used it how does this work?

5-Tax Contributions how is this paid, how often and how do you figure out how much tax I should be paying?

 

As you can tell im a bit lost and would really appreciate some guidance. Back in the UK I worked with the same company I done my apprenticeship with for 10 years so have never had the experience in being self employed.

 

Thanks- Tommy

[Bibbs]

I posts details on PIO, let me know if you want them here too. Good luck.