Need help choosing a plan?
Created with Sketch. 1800 917 771 Schedule a call
Need help?
We're here for you.
Schedule call
Created with Sketch.
A person sitting at a desk with a laptop.
taxes

Tax tips for tradies

Not everyone looks forward to tax time. In fact, this time of year can add a lot of stress to busy tradie lives, but it doesn’t have to be this way. We’ve assembled five handy tips that will make your tax season a breeze this financial year.

1. Keep your books in order

Much of the stress of tax time comes down to poor planning. Rather than having to go through a shoebox full of receipts the night before your tax return is due, put aside a small amount of time each week to keep your books up to date throughout the year. Easy-to-useΒ accounting software for tradies and construction industry businessesΒ makes this process simple – you can even link it to your bank account to automatically record your expenses.

2. Track your mileage

The same goes for tracking your mileage. If you make the effort to record your travel kilometres as you go, you’ll avoid undue stress towards the end. Fortunately, you can rely on technology here, too. QuickBooks and otherΒ tracking enabled appsΒ automatically record your mileage as you drive. They also let you easily separate personal from business trips and create accurate custom reports, which will save you chunks of time come June.

3. Know your deductions

Assets that cost less than $20,000 are generally fully deductible from your taxable income. However, assets that cost more than that usually need to be deducted over time. As a tradie, you can generally claim work-related tools and protective clothing, along with other expenses that are required to generate your income. You might also be eligible to claim car mileage if you transport bulky equipment (min. 20kg) to and from work sites.

Read more: Tax deductions guide for tradies

4. Don’t forget your tech

Tradies can also claim any technological tools such as mobile phones, tablets, and laptops you use for work-related purposes. That includes the cost of the device and any call or internet costs. But, just like all your other expenses, phone and internet bills need to be retained and recorded in your accounting software.

5. Consult a professional

It’s always a good idea to see a professional accountant. They can help ensure employees don’t miss any deductions or claim ineligible items. Tax accountants are a valuable resource for trade business owners who may need to deal with more complicated tax issues such as fringe benefits tax (FBT), PAYG, and employee superannuation contributions.


Related Articles

Looking for something else?

Get QuickBooks

Smart features made for your business. We've got you covered.

Help Me Choose

Use our product selector to find the best accounting software for you.

QuickBooks Support

Get help with QuickBooks. Find articles, video tutorials, and more.

Stay up-to-date with the latest small business insights and trends!


Sign up for our quarterly newsletter and receive educational and interesting content straight to your inbox.

Want more? Visit our tools and templates!

By signing up you are agreeing to our terms and privacy policy.

A happy small business owner signing up for the QuickBooks newsletter on laptop