As a tradie, knowing what you can claim at tax time can help you make real savings. With all the different write-offs and expenses available, we’ve put together this guide to help our customers this end-of-finanicial-year. It is important to note that this guidance is general and it is crucial to seek advice from your financial or tax adviser to check what tax deductions may be applicable for you and your business.
While you might have an overview of general claims you're eligible to make, maintain your records and focus on learning about industry-specific and other complex deductions. The Instant Asset Write-Off is $20,000 for 2024-25. Consider purchasing assets in June to reduce your taxable income. Shop from the spray machinery sale on DuluxTRADE this June.
Are you upskilling? Then course fees related to your trade can often be claimed. This includes courses, seminars, and professional development that directly improves your skills or knowledge for your current job. Keep meticulous records for everything – receipts, logbooks for vehicle use, and invoices to support your claims to the ATO.
As well as tools and equipment, most trade businesses rely on technology to operate. A portion of the cost of assets such as desktop computers, laptops, tablets, mobile phones, internet used for your business, can be claimed as well.
Set up strong systems from the beginning, understand what the necessary records are and implement basic accounting software. Sign up to DuluxTRADE online and keep track of your purchases and invoices.
Understand initial costs, manage invoices and payments and establish a positive cash flow cycle for smooth operations. DuluxTRADE offers extended payment terms on equipment, potentially allowing you to receive your tax refund prior to your bill's due date. For more information contact your local Dulux Rep or visit your Dulux Trade Centre, Inspirations Paint, or Paint Spot store.
Set initial financial goals with a basic budget in mind and analysing income and expenses in the new financial year.
Integrate more detailed accounting software and prepare for potential audits of your past data. This can also help with gaining deeper financial learnings.
EOFY is a great time to review all the assets you have accumulated over the years. Doing this and planning for any new purchases can make a difference to your tax planning strategy.
Set new targets, refine your business model, develop detailed budgets and explore new opportunities for a successful year ahead.
Dulux does not provide tax or financial advice. Please seek advice from your financial or tax adviser to check what tax deductions may be applicable for you and your business. Dulux excludes all liability for any loss, costs, damages or expenses incurred as a result of any person or business relying on any statements made by Dulux in relation to tax or financial benefits or deductions that may apply.