by Arn Doan | 6 months, 1 week ago
It is important to understand your rights and obligations as an employee. Likewise, as a contractor, you should understand your insurance, taxation and superannuation responsibilities.
The distinction between an employee and a contractor in the pharmacy industry can significantly impact both the employer and the individual providing the services.
An employee pharmacist is a member of the pharmacy's permanent staff hired by the pharmacy. They are eligible for various benefits, such as paid time off, superannuation payments, and workers' compensation coverage. The employer is responsible for ensuring that the employee pharmacist receives a minimum award salary and that the work environment is safe and healthy.
A contractor pharmacist, on the other hand, works for the pharmacy under a service contract. They are personally liable for their own tax as independent contractors. Contractor pharmacists earn more money and have more freedom in running their own businesses, but they do not have the same benefits or job security as employees.
Given the differences between employee and contractor roles in the pharmacy industry, it is strongly advised that individuals seek advice from a tax professional to fully understand their rights and responsibilities.
You can learn more about working as a contractor or as an employee here.
For further information about your tax obligations, you can find them on the ATO's website here.