Published on 23 May 13
by TASMANIAN DIVISION, THE TAX INSTITUTE
Hiring, rewarding, motivating and retaining artisans, indeed, while ensuring that you are an employer of choice, is quite a task. It is all the more difficult when you are in start-up mode and cash-strapped, as this necessarily limits your choices. Then, there is the bewildering array of state and federal tax legislation to comply with. Some of the issues this paper addresses includes:
- is your artisan an employee or a contractor? This will have implications for, at the very least,income tax, FBT, SGC, payroll tax and workers compensation
- sign-on fees, golden hellos/restrictive covenants and restraints
- what sort of fringe benefit should I provide to be an employer of choice?
- can we income split?
- providing equity generally and employee share schemes in particular
- how to use phantom share schemes – profits versus capital growth/golden handcuff.
Paul is a Tax Partner at Mutual Trust with over 30 years experience in tax, asset protection, estate and succession planning, FBT and salary packaging. Paul specialises in advising
high-wealth families and closely held businesses as well as many accounting and law firms. Paul teaches in the Masters program in the Law School at the University of Melbourne and has been involved in consultation with both federal and state governments on a variety of tax matters. Paul also contributes to The Tax Institute’s book, Estate and Business Succession Planning.
- Current at
12 April 2017