Description
As more and more Australians choose, or are forced into, less formal forms of employment, this article takes a positive look at the opportunities available to freelancers, contractors and consultants who make up the new “Gig Economy”. It explains that “taking gigs” can turn into a business and lists some items that need to be addressed as a business owner. It also covers the different kinds of insurance that might apply and briefly mentions how superannuation is affected and recommends seeking professional advice in these areas.
Introduction
If you’re a freelancer or contractor or maybe even a consultant then you’re part of the “gig economy”. Gone is the job for life, or even a job in the normal, employed meaning of the word. For you, work consists of short-term contracts or a series of one-off jobs. “Gigs” as the band down at the pub might put it.
For some, gig work is a liberating choice that allows them to work their own hours, holiday when they like and work wherever they wish. For others it’s a necessity in a weak job market where under-employment and age discrimination is rife, and more companies choose to outsource specific tasks. Key to the gig economy is technology, be it an Uber app, Skype, crowdsourcing sites or just email and the Web.
A study found that 4.1 million Australians had freelanced in 2014/15, and it’s a trend more likely to grow than diminish.
So if you’re a “gig worker” what can you do to make the most of your situation?
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