Policy makers are assured that ‘although this isn’t a revolution, it is surely a step in the right direction’. What that means for freelancers and independent contractors like you is
1. You need to review your current obligations - Yes, including taxes, go through your financial history and get in touch with an expert accountant to understand the obligations in the past financial year. New rules mean that the government is looking to undertake new responsibilities in the running of an economy. In the upcoming period changes in taxation, service charges, deadlines and such can be expected. Be prepared.
2. You need to review your schedule - Casual, full time or traditional self-employment has one common denominator - flexibility. New regulations mean new (and more) rules which can reduce flexibility. In fact, most platforms like Uber and DiDi leverage on this point and are able to offer speedy services to customers at a reasonable price.
3. You need to keep up with the rise in competition - Better working standards and protection of rights will welcome more enthusiasm towards casual work. Be ready to up your game if you don’t want to lose money to competition in your industry.
4. You need to be updated with platform policies - All of these new regulations will mean that denying the rights or not being cooperative with casual workers will lead to companies having to pay heavy fines. Gig economy titans don’t want their business cost to increase, to counter these measures they will have to charge customers more or adapt new policies regarding employment and partnership. You need to be aware and up-to-date.
It is crucial to have someone who’s got your back through these changes. MyGigsters is not just your go-to tax buddy, we are a community-driven solution who will help you through it all. Sign up today!