We aim to add value over and above our industry leading Contractor Recruitment and Pay Management service. So we’ve partnered with IT contractor accounting specialists, RightWay.
Contracting has great benefits such as higher pay, the ability to claim expenses and the freedom of where and when you work. However, as a contractor, you are also responsible for paying your own tax, ACC levies, filing GST and year-end Income tax returns and the associated compliance risks. Not to mention the hassle, effort and costs associated with the amount of time spent working on your accounts.
RightWay was formed to bring about change in the New Zealand accounting marketplace. They aren’t your average ho hum accountants. By signing up with RightWay you can rest assured that not only are your accounts being taken care of but you are retaining more of your income through tax savings. It doesn’t matter whether you are new to the contracting game or a seasoned campaigner – RightWay can help.
With offices in the Wairarapa, Auckland, Tauranga, Palmerston North, Wellington and plans to extend to Christchurch and Hamilton, there is someone near you. Give them a call on 0800 555 024 for a coffee and free consultation or get in touch with one of our team and we can arrange it for you.
Download the Brochure PDF here
Should you commence a contract with Absolute IT, your relationship with Absolute IT is that of a self-employed person and accordingly, you are responsible for the payment of all taxes and other payments applicable under existing law including, but not limited to, GST, Withholding Tax, Income Tax and Accident Compensation Corporation levies.
We recommend you sign on with our accounting partner Rightway to ensure all compliance requirements are met in accordance with tax laws.
Provisional Tax is a form of income tax payment that is based on estimates of income in the current taxation period, for self-employed individuals or organisations. This form of taxation is applicable to self-employed contractors who elect to be responsible for paying their own taxes direct to Inland Revenue.
GST is a Government imposed Goods and Services Tax, and is charged on all services supplied by our contractors at a rate of 15%. A GST registered contractor is expected to provide for and pay GST as directed by the Inland Revenue.
If you expect to invoice more than $60,000 in a 12 month period then you must be GST registered and you must charge GST to your clients. For more information please visit the IRD website.
Absolute IT utilises a computerised time sheeting and payroll system that ensures all Contractors are paid on time for services rendered. We take all responsibility for collecting monies invoiced to the Client.
All contractors get paid on, or around the 10th of each month via direct credit for the previous months work. Each contractor is given a payment schedule detailing timeframes for sending documents to Absolute IT, and the exact date each month’s payment will be credited to their accounts, when they sign their contract.
If you miss your timesheet and invoice deadlines your payment may be delayed. If you think you may have trouble meeting the deadlines please contact our finance team to discuss options. For all payment dates, please refer to the schedule below:
April 2016 12/05/16
May 2016 14/06/16
June 2016 13/07/16
July 2016 11/08/16
August 2016 13/09/16
Sept 2016 13/10/16
Oct 2016 11/11/16
Nov 2016 13/12/16
Dec 2016 16/01/17
Jan 2017 14/02/17
Feb 2017 13/03/17
March 2017 13/04/17