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TRADIES 2014 TAX RETURNS ON ATO HIT LIST (Extract of article written by Maynard Accounting)

Tradies are on the ATO’s 2013-2014 hit list.
Of major concern to the ATO in 2014 is un-declared income and “incorrectly claimed” work expenses.

It’s Tax Deduction Time

Everyone knows that the end of financial year is the best time to stock up on all the tools for your trade. Hardware and supply stores do their best trade in the weeks leading up to the 30th June every year. Not only is this the time when you can set yourself up for the next financial year but you’ll be able to claim the cost of these tools back on tax in July. Insurance is another great tool for a tradies business and it’s also tax deductable.

GONE IN 60 SECONDS!

A bad tradie blames his tools, but a tradie without any tools is heading for the dole queue! How many times have you heard of a 40 year old carpenter waking up one morning having completely lost his memory and can’t even remember how to switch on a power saw. Never right?

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