Every tradesperson needs financial and accountancy advice from a professional who understands the nature of their business. The trades face particular challenges when it comes to ensuring their tax burden is as low as possible. With a significant proportion of tradespeople being self-employed (operating as sole traders), there is a particular need to consider how this affects tax matters.
Tax advice for the trades
Nobody wants to pay tax! Tradespeople can be particularly vulnerable to overpaying tax: issues such as poor reporting systems or a lack of forward planning may see electricians, plumbers and brickies paying thousands more dollars in tax than they need to! Our team of lawyers, accountants, agents, consultants and bookkeepers can assist with every aspect of your tax return process. Our services include:
- advising on appropriate financial systems and processes to ensure the information used in the tax return is of a high enough calibre.
- determining business deductions, and checking that appropriate evidence is available to back the deductions, should ATO demand it.
- ensuring tax returns and other mandatory reporting is completed on time, avoiding late penalties and fines.
- preparation of business activity statements, if you are required to submit them.
- assistance with preparing for and accommodating an ATO audit, should one be required.
- assistance in calculating and minimising CGT.
- ensuring compliance! Tax regulations are updated frequently. We stay up-to-date, familiarising ourselves with fresh intelligence as it comes on stream. This enables us to ensure our clients are operating in line with ATO requirements at all times.
- completing the annual ATO tax return.
Obviously tax efficiency and accurate ATO reporting is only one strand of the financial management needed for business success. At Pherrus, our financial experts are here to support you with every aspect of your trade finances. Our team can advise on a wide variety of wealth creation and tax planning strategies which can optimise your income not just now, but decades into the future. We aim to offer targeted advice that allows companies not only to generate profit, but also to invest it in a way that delivers the largest ROI. When it comes to finance planning, the type of services we offer include:
- assistance in identifying competitive loan products.
- assistance in offsetting debt against interest in order to reduce tax.
- help in selecting appropriate investments that are highly likely to deliver a favourable ROI.
- exploration of various forms of borrowing, including short-term options for cashflow management and longer term borrowing to finance business growth.
- financial planning for specific goals, such as premises purchase, buy-to-rent, consolidation, selling the business or converting from one business structure to another.
Appropriate financial planning can make a real difference to the long-term success of your business activities. Call us to find out more.
Although many trade professionals start off as sole traders, or as employees for a larger company, a significant number decide to set up their own company once they’ve obtained sufficient experience in their chosen field. We are on hand to assist with the various processes required for a successful start-up. From ensuring that you have a sound business plan in place through to assisting with compliance measures, we can do the lot! Once your business is up and running, we are able to offer the guidance you need to inform decisions on topics such as:
- the legal and financial implications of hiring additional staff.
- how best to finance a side line, or proposed business growth.
- taking advantage of fresh financial initiatives from the government.
- setting up and maintaining suitable financial systems. From payroll through to bookkeeping, invoices, bank statement reconciliation and more, we can either do the job ourselves, or put in place systems and training to allow your team to complete the work.
- evaluation and constructive criticism of your business model.
- goal determination and strategy creation, including picking the right KPIs (Key Performance Indicators), objectives and mission for your business.
We understand how difficult it can be for tradespeople to find time to deal with the financial side of their business, particularly when they are sole traders who spend long hours on the job. Give us a call to find out how we can make your life easier, as well as potentially reducing the size of your tax bill!