Our Five Best Tax Tips For Tradies | Tradie Accounting Tips

In this video, our accounting expert Sam provides the top five accounting tax tips for tradies:
1. Separate Business and Personal Accounts: It is recommended to have separate business and personal accounts to avoid missing deductions and confusion around transactions. Keeping personal and business finances separate makes it easier for the accountant to reconcile and review transactions effectively.
2. Consider the Right Business Structure: Tradies can operate through various structures, such as ABN sole trader, trust, company, or partnership. Each structure has different tax implications, legal considerations, and asset protection. Getting a review of the appropriate structure ensures it fits the specific needs of the tradie's business.
3. Use Accounting Software: Utilizing accounting software like XERO streamlines processes, automates tasks such as bookkeeping, invoicing, payroll, and generates financial reports efficiently.
4. Hire a Small Business Accountant: Engaging a small business accountant can help maximize deductions, ensure compliance with ATO regulations, meet deadlines for obligations, and provide tax planning assistance.
5. Know Your Tax and Accounting Obligations: Tradies should be aware of various tax and accounting obligations, including company tax, income tax, GST, PAYG withholding, superannuation, and payroll tax. Understanding these obligations and their due dates is crucial for staying compliant with the tax authorities.
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Elephant Advisory is an award-winning accounting and mortgage brokering firm in Melbourne, with a long history of helping our clients achieve their business and property goals.
We believe that the key to financial and business success comes from a few good decisions and sound money management. This is why it is our goal to provide free educational resources to help Australians make informed decisions for their family, their business and their mortgage.
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