Eleva allows you to set up a company with multiple directors and shareholders. There is a mandatory requirement to have a minimum 1 shareholder and 1 director who an Australian resident. Though there may be multiple directors, all or some of them may only be contracting. 

Yes, you can have multiple contractors under your company. This could be another co-director and someone who is not part of your management.

There are no platform fees; you only pay 1.2% of the total payroll, capped at $2000 per company, and where multiple contractors are engaged, an additional $990 is capped per every additional contractor. For company set-up, there is an ASIC fees + $50 and ABN $50.00.

Yes, Eleva facilities salary packaging including novated leasing of car. You won’t need to change anything with your Lease provider, Eleva will manage the payment and FBT reporting on the platform.

Eleva will calculate your payroll and our team will report the details to ATO and Superfund. Eleva will prompt you to transfer funds from your company account to the clearing house and ATO. 

Sole trader and company ownership are two different business structures, each with its own benefits and drawbacks. Here are some of the key benefits of each:

Benefits of being a Sole Trader:

1. Easy and Low-Cost Setup: Starting a sole trader business is relatively easy and inexpensive as there are fewer legal and regulatory requirements to meet.
2. Complete Control: As a sole trader, you have complete control over your business operations and decision-making, allowing you to make quick and flexible decisions.
3. Simple Taxation: The taxation process for sole traders is relatively straightforward, with income tax being paid on profits generated by the business.
4. Personal Liability: Sole traders are personally liable for their business debts, but they can keep all the profits. 

Benefits of owning a Company:

1. Limited Liability: A company is a separate legal entity from its owners, which means that shareholders are not personally liable for the debts of the company beyond their investment.
2. Access to Capital: Companies have access to a wider range of funding options, including equity financing through the sale of shares and the ability to issue bonds or take out loans.
3. Professional Image: Operating as a company can enhance your business reputation and credibility in the eyes of customers, suppliers, and lenders.
4. Tax Advantages: Companies can take advantage of various tax deductions and credits not available to sole traders, such as lower corporate tax rates, deductions for employee benefits, and deductions for capital investments. 

In summary, the decision to operate as a sole trader or company owner will depend on several factors, including the nature of your business, your long-term goals, and your personal preferences. It's important to consult with a legal and financial professional to determine which option is best for you.

In Australia, contractors who operate as a company instead of a sole trader can access a range of tax benefits. Some of the tax benefits of company ownership for contractors in Australia include:

1. Lower Tax Rates: Companies are subject to lower tax rates than individuals. Currently, the corporate tax rate for small businesses with an annual turnover of less than $50 million is 27.5%, compared to the individual tax rates which can be as high as 47% for those earning over $180,000.
2. Access to Small Business Tax Concessions: Small businesses that are operated through a company structure may be eligible for a range of tax concessions, including the small business tax offset, immediate asset write-off, and simplified depreciation rules.
3. Income Splitting: Companies allow for income splitting, which means that the profits can be distributed to shareholders in the form of dividends, which can be taxed at a lower rate than individual income tax rates.
4. Deductions for Business Expenses: As a company, contractors can claim tax deductions for business expenses such as rent, utilities, equipment, and employee salaries.
5. Capital Gains Tax Concessions: Companies are eligible for capital gains tax (CGT) concessions when selling assets, such as property or shares, that have been held for more than 12 months. 

It's important to note that the tax benefits of operating a company as a contractor will depend on the individual circumstances of the business, and it's recommended to consult with a tax professional or accountant for personalised advice. 

Becoming a contractor in Australia involves several steps, including registering a business, obtaining the necessary licenses and permits, and setting up the necessary infrastructure. Here are the general steps to becoming a contractor in Australia:

Choose Your Business Structure: Decide on the legal structure that suits your business best. You can operate as a sole trader, a company, a partnership, or a trust. Each structure has its own advantages and disadvantages, and it's important to seek legal and financial advice to determine which one is best for your business. 

Register Your Business: You will need to register your business with the Australian Securities and Investments Commission (ASIC) and obtain an Australian Business Number (ABN). You may also need to register for Goods and Services Tax (GST) if your business meets certain criteria.

Obtain Licenses and Permits: Depending on the nature of your business, you may need to obtain licenses and permits from government agencies. For example, if you are working in the construction industry, you will need to obtain a builder's license. 

Set Up Your Infrastructure: As a contractor, you will need to have the necessary infrastructure in place to run your business, such as office space, equipment, and tools.

Find Clients and Projects: Start building your client base by networking and marketing your services. You can also register with online platforms or marketplaces that connect contractors with clients.

Set Up Your Financial Systems: Set up a bookkeeping system to keep track of your income and expenses, and ensure that you are meeting your tax obligations.

Obtain Insurance: Consider obtaining business insurance, such as public liability insurance and professional indemnity insurance, to protect your business and assets.

It's important to note that the specific requirements for becoming a contractor may vary depending on the state or territory in which you operate. It's recommended to seek professional advice to ensure that you are meeting all the legal and regulatory requirements.

As a contractor in Australia, you are responsible for paying your own tax, which includes income tax and Goods and Services Tax (GST) if your annual turnover is over a certain threshold. Here are the general steps to pay tax as a contractor in Australia:

1. Register for an Australian Business Number (ABN) and Goods and Services Tax (GST): If you haven't already done so, you will need to register for an ABN and GST if your annual turnover is over $75,000.
2. Keep Accurate Records: Keep track of all your income and expenses using a bookkeeping system, so you can accurately calculate your taxable income.
3. Lodge Your Business Activity Statement (BAS): Lodge your BAS either monthly, quarterly, or annually, depending on your business turnover. Your BAS will report your GST liability and credits, and you will need to pay any GST owing.
4. Pay Your Income Tax: As a contractor, you will need to pay income tax on your taxable income. You can calculate your taxable income by subtracting your allowable deductions from your assessable income. You can lodge your tax return online using myTax, or you can engage an accountant to do it for you.
5. Pay Your Superannuation: As a contractor, you are responsible for paying your own superannuation contributions. You will need to contribute at least 10% of your earnings into a complying superannuation fund. 

It's important to note that the tax requirements for contractors may vary depending on your individual circumstances and the industry in which you operate. It's recommended to seek professional advice to ensure that you are meeting all the legal and regulatory requirements. 

The type and amount of insurance that is mandatory for companies in Australia will depend on various factors, such as the nature of the business, the industry, and the state or territory in which the business operates. However, here are some of the common types of insurance that are mandatory or recommended for companies in Australia:

1. Workers' Compensation Insurance: In Australia, all employers are required by law to have workers' compensation insurance to cover their employees in case of work-related injuries or illnesses. The requirements for workers' compensation insurance vary depending on the state or territory in which the business operates.
2. Compulsory Third-Party Insurance (CTP): If your company operates a motor vehicle in Australia, you are required to have CTP insurance to cover any liability arising from personal injury or death caused by the use of the vehicle.
3. Professional Indemnity Insurance: Depending on the industry and the nature of the services provided, professional indemnity insurance may be mandatory or recommended to protect companies against claims of professional negligence, errors, or omissions.
4. Public Liability Insurance: Public liability insurance is not mandatory in Australia, but it's recommended for companies that have contact with the public or work on client's property to protect against claims of property damage or personal injury caused by their business activities.
5. Product Liability Insurance: If your company manufactures or sells products, product liability insurance may be recommended to protect against claims of property damage or personal injury caused by the products. 

It's recommended to seek professional advice from an insurance broker or specialist to determine the type and amount of insurance required for your business.

Yes, contractors in Australia are generally responsible for making their own superannuation contributions. This means that as a contractor, you are responsible for managing your own superannuation and making regular contributions to a complying superannuation fund.

Under Australian law, employers are required to contribute at least 10% of their employee's earnings to a complying superannuation fund as part of the Superannuation Guarantee (SG) scheme.

However, if you are a contractor, you are considered to be self-employed and not an employee, so you are responsible for making your own superannuation contributions.

It's important to note that if you are considered to be an employee under the Superannuation Guarantee (Administration) Act 1992, your employer is required to make superannuation contributions on your behalf. This determination is based on various factors such as the level of control the employer has over the work performed, the way the work is performed, and the tools and equipment used.

It's recommended to seek professional advice to determine your employment status and whether you are entitled to receive superannuation contributions from your employer. If you are responsible for making your own superannuation contributions as a contractor, you can claim a tax deduction for your contributions on your tax return.

The documents needed for company incorporation in Australia may vary slightly depending on the type of company being registered and the state or territory in which it is being registered. However, some of the basic documents required are:

Australian Business Number (ABN): This is a unique identification number issued by the Australian Taxation Office (ATO) for taxation purposes. You will need to apply for an ABN before registering your company.

Company Name Reservation: You will need to reserve a company name with the Australian Securities and Investments Commission (ASIC). This can be done online.

Company Constitution: A company constitution is a legal document that outlines the rules and regulations governing the internal management of the company. It is not mandatory for a company to have a constitution, but it is recommended.

Directors' Consent Forms: The directors of the company must give their consent to act as directors. They will need to sign and lodge consent forms with ASIC.

Shareholder Agreement: If there is more than one shareholder in the company, it is recommended to have a shareholder agreement in place. This outlines the rights and obligations of the shareholders and can help prevent disputes.

Registered Office Address: You will need to provide a registered office address in Australia for the company.

ASIC Form 201: This is the form that needs to be completed and lodged with ASIC to register the company. It includes details such as the company name, registered office address, directors, and shareholders.

Fees: There are fees associated with registering a company in Australia. The fees vary depending on the state or territory in which the company is being registered and the type of company being registered.

If you're looking to change your business structure from being a sole trader to a company in Australia, here are the general steps you'll need to follow:

Choose a company name: You'll need to choose a name for your company that's not already taken and complies with the Australian Securities and Investments Commission (ASIC) guidelines.

Register your company: You'll need to register your company with ASIC, either online or by lodging paper forms. You'll need to provide details about your company, including its name, directors, shareholders, and registered address.

Obtain an Australian Business Number (ABN): If you don't already have one, you'll need to obtain an ABN for your new company. You can do this through the Australian Business Register (ABR) website.

Register for Goods and Services Tax (GST): If your company will have an annual turnover of $75,000 or more, you'll need to register for GST with the Australian Taxation Office (ATO).

Transfer your assets and liabilities: You'll need to transfer any assets and liabilities from your sole trader business to your new company. This may include things like business equipment, stock, and contracts.

Notify your clients and suppliers: You'll need to inform your clients and suppliers of the change in your business structure and provide them with your new company details.

Open a new bank account: You'll need to open a new bank account for your new company and transfer any funds from your old business account.

Ask Eleva if you have any questions: It's always a good idea to seek professional advice when making this type of change. Our team at Eleva are happy to answer any questions you may have.

The rates are exclusive of GST.

The amount of tax you pay as a sole trader or a company in Australia can vary based on several factors, including your income level, expenses, and deductions.

Companies are taxed at a flat rate of 25% on their taxable income. This rate could be higher or lower than your personal tax rate as a sole trader, depending on your income level. However, companies can take advantage of various tax deductions and concessions, such as the research and development tax incentive and salary packaging, that can reduce your tax bill.

As a sole trader, you are taxed at your personal income tax rate on the profits generated by your business. Consequently, if your business earns a substantial income, you might end up paying a higher tax rate compared to operating as a company.  Sole traders are also not eligible for certain tax concessions and deductions that are available to companies.