We know how the end of the financial year can be a stressful time for small business owners. While you’re busy fixing up those balance sheets, we talked to Jimmy Clyne from Melbourne-based accounting firm Clyne Partners to get his best tax advice for tradies.
Here are Jimmy’s top 3 tax tips for as the end of financial year looms on 30 June, but be sure to click the links for more advice:
#1: Don’t spend what you don’t need
“There’s plenty of incentives out there now, but don’t make the mistake of spending money just to get a tax write off.”
If you don’t plan on making use of the tools or purchases in the immediate future, Jimmy says it’s best to hold off.
#2: Keep your log books up to date
“I know, it’s a pain to do, actually writing down all your kilometres after every trip, but it is so worth it. The cash incentive you get back is quite significant.”
Make sure you get your docs in order now and buy equipment (only if you need it!) before 30 June.
#3: Understand the benefits available from the government
Be knowledgeable about how your customers can apply for the HomeBuilder grant and how you can use the stimulus packages for your benefit.