Tradies in Australia are having a busy time due to the lack of international workers and people spending money on their homes rather than holidays.
As we cross into the financial new year, you no doubt have that voice in the back of your mind reminding you that it is time to get your accounts reconciled and your finances organised so you can file your tax return.
While it is possible to file your tax return on your own, it makes sense to work with a specialist tax accountant in Brisbane (if that’s where you are based). An even better idea is to find an accountant who has experience working with trade-based businesses.
Here’s why having a tax accountant in Brisbane who works with tradies and small construction business owners makes sense:
A clear understanding of your challenges
Especially this year, working in a trade business means spinning multiple plates at once. You have your clients to deal with, materials to track down, and perhaps subcontractors to manage. Project timelines are never easy to control and then of course you have the challenge of staying on top of cash flow.
A specialist tax accountant in Brisbane for tradies has a good idea of what you’re up against. They can use their knowledge from working with other clients in the same industry to make organising your tax return less stressful.
Your accountant can also give you some advice about what to do during the year so that you don’t end up buried in figures and paperwork come July.
Your tax accountant can help you to be compliant
If you’re self-employed or running a business you will need to file your quarterly BAS as well as your annual tax return.
Time flies when it comes to those business activity statements but your tax accountant in Brisbane will be in touch to make sure you don’t miss a deadline. You can also discuss whether you should pay tax quarterly so you don’t end up with a very large bill at the end of the year.
For tradies who have employees or subcontractors, your tax accountant can also help you make sure their PAYG tax has been taken care of correctly.
You will never have to speak to the tax office
Having an accountant means you don’t have to deal with the ATO yourself (for the most part).
Your accountant will work with you to prepare your annual tax return then file it on your behalf (once you have signed off on it).
While it can be easy to become overwhelmed, miss the tax deadline and end up being penalised, when you have an accountant they can request extensions on your behalf. If you end up with a large bill that you’re not prepared for, your accountant can help you figure out how to pay it off.
Your accountant can create a tax strategy
Sometimes builders work on longer projects and receive lump sum payments in advance. You don’t want to have to pay tax on this money so work with a tax accountant in Brisbane who specialises in working with tradies and understands how to structure your accounting so you don’t end up with a larger bill than necessary.
You can finally feel on top of your finances
There are ways to make tracking payments and cash flow easier, including using online accounting software.
When you connect with a specialist accountant who understands that you need to focus on your business, they can talk you through the shortcuts to save you from spending hours cross-checking paper receipts with online spreadsheets.
These days most transactions can be recorded using an app on your phone, giving you the freedom to stay more in control of your finances from anywhere.
You can minimise your tax
Yes, it’s possible to DIY and file your own tax return but it’s easy to get confused and fail to claim what you are entitled to.
A tax accountant in Brisbane will make sure there is no stone left unturned when it comes to your expenses so you are not paying more tax than you need to.