From managing a project and tracking suppliers to pricing jobs and paying staff, as a tradie, you have enough to manage without having to sit through tax time alone. With rules around tax deductions constantly changing, keeping up to date with whether you can claim your travel between work sites (you can), food expenses (you can’t), or your protective equipment (you can), engaging with a professional tax accountant this tax time can take the hassle out of this time of year.
With that in mind, here are our tips for why partnering with a tax accountant will be best for your business.
Maximise your return
A professional tax accountant knows precisely what can and can’t be claimed and where you can minimise tax liabilities. As a result, your accountant can help get you the best tax return possible and avoid over-claiming, which helps to avoid penalties and fines from the Australian Tax Office.
Keep your business compliant
Laws are updated, businesses grow and tax brackets change. This is why we make it our business to keep up to date on legislation changes. A great accountant will help you navigate the process and ensure your business stays compliant. This helps minimise tax liabilities and avoid significant fines and penalties that come with non-compliance.
Free up your time
Your time is better spent managing your day-to-day, being on the tools, meeting with clients and growing your business – not stuck behind a desk crunching numbers.
Tax time doesn’t need to be a burden each year. Engage a professional tax accountant so your weekends are filled with family and friends rather than with old, faded receipts and a calculator.
To help get you started, here are some things you should be able claim:
- Clothing with a business logo
- Personal protective equipment
- Home office running expenses
If you would like support this tax time, speak with our tax and business advisors at Nexis today.