Well for a start, it may well result in a breach of the tax and superannuation laws.
The Tax office has a fairly set idea of what an "employee" is, and what a "contractor" is.
A contractor:
If you work more than 80% of your time with the one employer, if you don't supply your own aircraft, if you turn up to work when he says, and if you do his work his way and under his direct control, you are an employee.
If that is the case he
MUST pay tax for you (deduct it from your wages) in the PAYG system and he
MUST pay an extra 9% of your salary into superannuation.
Here's the first link I found when I Googled "Tax Law contractor":
CONTRACTOR OR EMPLOYEE?
Here's another tool, this time from the ATO:
Employee/contractor decision tool
If you're still confused, and if you're a member, ring the AFAP for some advice.
