We know the end of the financial year isn’t for a few months, but it’s always a stressful time for small business owners. We talked to Jimmy Clyne from Melbourne-based accounting firm Clyne Partners to get his best tax advice for tradies to get sorted early.
Here are Jimmy’s top 3 tax tips for you to think about before the end of the financial year in June, but be sure to click the links for more advice:
“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.
“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 only buy equipment if you really need it!
Be knowledgeable about how your customers can apply for the HomeBuilder grant (the government extended the deadline to 31 March 2021) and how you can use the stimulus packages for your benefit.
Finding your next opportunity or applying for jobs can be difficult, so goodwork is making it easier for Australia’s tradies. Download the goodwork app today.