How to save on contractors’ ‘basement taxes’

Contractors’ wages are being assessed on the same basis as people with jobs in the construction industry, which means they are being taxed on the full cost of their work.

But the federal Government has introduced new rules that could see contractors pay as little as 5 per cent of their earnings.

The reforms come after the Australian Construction Industry Council (ACIC) said the new rules would cost the industry $2.5 billion.

“We think that this is a step in the right direction,” ACIC CEO, Chris O’Neill, said.

“It is the best of both worlds.”

Under the new regulations, contractors will pay just 5 per, a small amount compared to the average annual wage for construction workers in Australia.

Mr O’Brien said he had been “thrilled” with the Government’s new approach to contractors’ taxes.

“What we’ve seen in the last couple of years is that construction has really been the low-hanging fruit in terms of tax reform, particularly for the low income construction industry,” he said.

Mr Abbott has been under pressure to reform the tax system, with the construction sector being hit particularly hard.

“The construction industry in Australia will see their tax rates significantly cut in a range of areas,” Mr O ‘Brien said.

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