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VYBerlinaV8

Hi Everyone,

Well after 4 and a half years at a huge multinational IT company I've walked away from a $160k per year job to go contracting. I've hooked up with a bunch of people who do short-medium term contracts for high $$ with government, with nothing guaranteed.

I start next Wednesday - hopefully it all works out!

Cheers,
 
Good luck with it! Mr Mooze is a contracter - previously Canberra. Good money, always work around, can often do hours to suit and no weekend work!

Just make sure you get a good personal services/payroll company - makes all the difference especially with the banks!
 
Good luck VYBerlinaV8. Gutsy move. $160K per year is very good for perm.

I've recently gone the other way. From contracting back to perm.

You'll enjoy contracting. Varied projects, more scope to move around.
 
Congrats and good luck you'll be fine.

Canberra has been like that for the past decade and you are just never going to be out of work. There really isn't any "risk".
 
Congrats on the move!

I'm thinking of doing the same in the next few months (I.T) so would be interested to hear how you get on.
 
Search the other threads about it.

If he is great at what he does, he will have no problems with job security.

Make sure you get a decent management company to run your books and they will provide you with genuine payslips and "letters of employment" which banks are fine with. You can then get a regular loan like a regular full time employee no hassles whatsoever. When me and my ex were both contracting simultaneously, the bank said they would lend us $1m. Quite scary.

There is no reason to fear for job security, particularly in Canberra!
 
VYBerlinaV8 said:
Hi Everyone,

Well after 4 and a half years at a huge multinational IT company I've walked away from a $160k per year job to go contracting.

Cheers,
Click to expand...

Congratulations. I hope contracting works out well for you.

Sorry to be nosy, but i'm just curious what type of job in I.T you were doing for $160K? that's a very agreeable salary! :) are you a project manager? developer?
 
yes, 160k for a perm must be a senior architect, portfolio archtect or senior PM. Its at the top of all techo roles.
I took redundancy 4+ yrs ago and have been contracting ever since and finally made it back to my old job....for double the $$
 
TEG said:
Congratulations. I hope contracting works out well for you.

Sorry to be nosy, but i'm just curious what type of job in I.T you were doing for $160K? that's a very agreeable salary! :) are you a project manager? developer?
Click to expand...

I'm an IT Security specialist, focusing on Australian Government IT services. My (now former) title is Senior Security Architect.
 
tess85 said:
How will it affect getting loans if you want to buy a property?

Hubby has thought about the contracting route but we're not sure whether the increased pay will outweigh the lack of stability, especially when it comes to applying for loans!
Click to expand...

Keep your LVRs to 80%, stay in the same industry and be a PAYG contractor, not self employed (don't start a company and contract through that). Lending won't be a big deal.
 
Depending upon whether you meet the Personal Services Income rule, you may also be able to claim your WRX on your tax return.
That would be a nice double benefit! New car and tax back!
 
pennyk said:
Depending upon whether you meet the Personal Services Income rule, you may also be able to claim your WRX on your tax return.
That would be a nice double benefit! New car and tax back!
Click to expand...

I'll be using the logbook method to determine business percentage of costs, but as itinerant worker, since I will have to do work from home, as well as from several different locations (often traveling between them as part of my work in a given day).
 
VYBerlinaV8 said:
Hi Everyone,

Well after 4 and a half years at a huge multinational IT company I've walked away from a $160k per year job to go contracting. I've hooked up with a bunch of people who do short-medium term contracts for high $$ with government, with nothing guaranteed.

I start next Wednesday - hopefully it all works out!

Cheers,
Click to expand...

Good luck on your ventures. Are you gonna do IT contracting or something else?
 
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