Small business accountant Sydney: Why use an accountant for your trade business?
You are the proud owner of a trade-related business that you intend to nurture and grow. You have all the tools, equipment, machines, training, knowledge, experience, and skills in your trade, but what kind of training, experience, and knowledge do you have about the financial side of running a business? Just like you have the training and skills in your trade, small business accountant in Sydney have the training, knowledge, experience, and expertise to help you with your taxes and finances. Without proper accounting, your business will flounder and it could face penalties if you fail to meet the regulatory standards of compliance.
Small business accountant Sydney: What is needed for your business?
You will come across several abbreviated terms in the Sydney business venue. Shortened terms like ABN, GST, BAS, and ATO will become common terms you see and use when you are dealing with the accounting of your business.
- ABN – This is the abbreviation for the Australian Business Number you are required to have in order to do business in this country. Your ABN can be obtained at your local tax office. Small business accountant Sydney professionals can also help you with getting your ABN.
- GST – This abbreviation stands for the Goods and Services Tax every business/tradie has to pay when they invoice more than $75,000 per year in their business. You may also have to present a BAS once you have registered for your GST.
- BAS – Business Activity Statement is the long term for BAS. You will see this on statements and documents as BAS in your business dealings. This statement goes along with your GST for paying taxes and is necessary for accountants and bookkeepers to help you with your finances and taxes.
- ATO – ATO is short for the Australian Taxation Office. This is where everything related to your business taxes will be handled. Small business accountant Sydney professionals are knowledgeable and experienced in dealing with where your business relates to your taxes and the ATO. It’s their job to help you maintain compliance.
Small business accountant Sydney: What can be claimed on your taxes?
While your Small business accountant in Sydney will know what is and isn’t specifically allowed on your tax forms, you should be aware of what you can claim for your business taxes. This will help you understand what your accountant is talking about when you meet with them.
- Special fees – Memberships in associations and unions enhance your credibility in the business world and enhance your clients’ confidence in your abilities. These fees are usually tax deductible.
- Mobile calls – If you own a mobile phone that you use strictly for your trade business, the expenses for calling clients and other related business calls may be tax deductible. Your accountant will know how to deal with your business calls.
- Tradie tools – Whether you are a carpenter, plumber, electrician, builder, painter, landscaper, or other tradie, you need the tools of your trade to do your job. Any tools or equipment used specifically for your business can be claimed as an expense on your tax forms.
- Clothing and cleaning – Clothing and/or uniforms you use for your business only are considered tax deductions. The expense of getting your clothes/uniforms used for work is also a cost you can claim. Small business accountant Sydney experts will know what is and isn’t a viable deduction in this area.
- Protective gear – Special clothing and accessories needed for jobs can be deducted from your tax bill. Protective glasses, shoes, gloves, masks, and other kinds of clothing and gear that is used to protect you against fire, chemicals, and other hazards on the job are included.
- Insurance costs – Since insurance is often required, and at least necessary for your trade business, you can take a deduction for carrying related business cover.
- Transportation expenses – Fuel and vehicle maintenance services are considered transportation expenses that are tax deductible. This deduction is only for business use like when you are providing services for a client.
Small business accountant Sydney: Beyond tradie taxes
Where some accountants primarily handle basic accounting and bookkeeping for your business, some also provide financial services and help you with things like mortgages, financing equipment and vehicles, as well as other types of loans and financing. Small business accountant Sydney professionals call on their network of other professionals to help you in the other financial aspects of your business.
Note: These statements are not intended to replace any advice you should obtain from a professional accountant, but to inform you of how the aspects of business taxes work. Always speak with your accountant and/or bookkeeper when you have questions or concerns.
If you do need a good small business accountant to help you with small business accounting, try contacting an accountant from our Tradebusters Academy network. These accountants specialise in helping tradesmen in business and we are sure one would be a good choice for you.