How To Handle Tax When Outsourcing Overseas?
November 24, 2009 by Tyrone
Firstly a big thank you to everyone who participated in the Mass Outsource launch last week. It was a huge success and I’ve already begun teaching all the students who have joined the program. If you haven’t grabbed your free copy of Secrets Of Outsourcing Experts Revealed report yet, I recommend you do so because there’s a lot of cool resources inside.
Since the launch and the feedback I’ve been getting from the videos, a recurring question that has come up from Mass Outsource Mastermind is this:
“How do I handle tax when I outsource my work overseas (to the Philippines)?”
It’s a really good question and I can only share this from my experience. Before you read any further though, I need to let you know that I’m not a legal adviser or financial consultant in this area. Therefore I HIGHLY RECOMMEND you seek advise from experts who handle this sort of detail as everyone’s financial situation is different to mine. What I share with you below is what happens in my own business and this is a general overview of how to go about this.
How To Handle Tax When Outsourcing Overseas?
In my own business I currently hire a few full time staff from the Philippines and they are paid monthly via Xoom or Paypal. Let’s take a step back and look at an example if you were hiring staff from your own country. Since I am living in Australia, normally to employ staff there would be a lot of paper work involved, from filling out a Tax File Number form, Group certificates to Superannuation forms. It becomes a real nightmare when you start to hire 15+ staff! I’ve been there and it’s not pleasant to see so much paperwork just to manage employees, let alone managing the business. In that circumstance, I would recommend hiring a book keeper to help you pay your staff, manage the forms, and all the account keeping records.
Now in Australia, every quarter I would have to pay the PAYG (Pay As You Go) tax to the government which is a percentage of income tax taken out of your employees wage and your own wage that is compulsory. The highest tax bracket here is around 48.5% and the minimum tax is around 15%. So somewhere in between there is that percentage of tax taken out from our wages. On top of this, a minimum of 9% is taken out of the total wages and paid to Superannuation (similar to a 401K), which is also compulsory.
In comparison, jumping back to paying virtual full time or part time staff overseas, there is none of these details I need to worry about in my own business. Basically all I have to worry about is paying their monthly wages on time and they sort out the rest.
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Secrets of Outsourcing Experts Revealed Report Is Out
November 9, 2009 by Tyrone
It’s been an adventure for me putting this together and I know you’ve been expecting this report. It’s is out now and available for download.
The Secrets of Outsourcing Experts Revealed Report is a compilation of interviews done with Tim Ferriss, Jeff Mills and John Jonas where their secret ideas and concepts of outsourcing are melded together in one document. This report is all about learning how to create a lifestyle of working as little as 4 hours a week while still earning a 6 or 7-figure income.
You can download your complimentary copy from here -
What’s In This Awesome Report?
Exposing three great Outsourcing Experts, what they do, how they do it and what others should do too, the report offers a lot of insights in the lives of Tim Ferriss, Jeff Mills and John Jonas. It is motivational, inspiring and full of great content from experts who have walked the path to achieving a four hour work week lifestyle. This report is not just a freebie that only essentially promotes a product, it has valuable content that you can take away and apply to your life.
Why I invested time to interview and transcribe them into a professional report and give it away for free is because I expect many of you to read it and then decide that you would like to take my mass outsource mastermind program too, which is entirely your choice.
In this report you will discover:
- Tim Ferriss 4 hour work week outsource formula and how he implements it
- Jeff Mills secret strategy on how he outsources his entire business
- John Jonas reveals his secret to living a 17 hour work week and making over $1.8 million a year by outsourcing all his work and replacing himself
- Top 10 resources you need to successfully outsource your week
- And much much more..
Click Here To Download The Report
I put a lot of effort on this report and your comments, feedback are highly appreciated. It’s going to be the best reward that I can get from giving you this report. Once you have read the report, please, please take a time visiting my site again and of course leave a comment, may it be a good statement, a bad feedback or a suggestion just add it in this post.
You can post your comments here.
Tyrone Shum
Mass Outsourcing For A Great Life!
Interview With Daniel Scocco From Daily Blog Tips
May 27, 2009 by Tyrone
Recently I asked Daniel Scocco from Daily Blog Tips to do an interview with me. Daniel runs a very successful blog that attracts over 20,000 daily readers and is very popular in the blogging community. Not only that, Daniel has an online membership program called Online Profits that teaches people how to make money from Internet marketing. I wanted to share with you why Daniel is someone who I learn from and also how to model his success.
Why You Should Learn From Daniel?
- He shares his experiences, which are relevant and practical to your Internet business
- His blog is ranked in Technorati Top 100, proving that his information is important
- He is a truly humble and a remarkable coach
8 Steps To Achieve Top Rankings For Your E-commerce Business
May 19, 2009 by Tyrone
Recently I had a question from a member in a forum asking me about how to market their e-commerce business using search engines. In light of this question, I thought it was be good to share this with everyone. Getting your e-commerce business listed on search engines can be very rewarding and will drive more “free” traffic to your e-commerce business. I have personally used this strategy many times and it has helped me gain higher rankings for my own e-commerce websites. Not to brag or anything, I want to give you some examples of my success with achieving top rankings in Google: (click on image for larger version)
Keywords: Dragonboat Paddles:
Successful Internet Businesses Need Great Web Hosting
April 8, 2009 by Tyrone
For your Internet business to run successfully and smoothly you need to use great web hosting companies. I have used numerous hosting services over the years in running online businesses and the key is to find the companies that offer reliable hosting and good support. I can tell you it is not a good feeling to see your website go down for a product launch due to high traffic usage.
I would like to share my favourite web hosting companies that I currently use or have done research on that offer great service and value. Hopefully it will save you some of the hassles I have been through with unreliable services. One thing to note though, no hosting company is perfect and there are definitely some that are better than others.
Web Hosting Companies Tyrone Recommends
Bluehost is a highly regarded web hosting company in the industry. It’s very reliable and I highly recommend this service.
Superb Hosting offers dedicated hosting services for as low as $59 per month. This web hosting service is highly recommended for Internet businesses with serious traffic.
If you have any feedback on these services and would like to share your experiences about these hosting companies, please comment below.
Tyrone Shum
Recommending Great Web Hosting
