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Contractors who are sole traders may have a personal ABN as opposed to a company ABN. Such contractors are required to have tax withheld and should be categorised as LAB payees and not Company contractors. For more information, see PAYG Tax Type above. |
There are no separate payee/income types for payees with a tax type of Company and as such the payee type setting for this type of payee is defaulted to Company.
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