I’ve spent more than 16 years helping tradies market their businesses. I can talk websites, Google Ads and getting the phone ringing all day.
Tax? That’s when I call in someone who actually knows what they’re talking about.
So I invited Brad from Tax Stuff into the Insider Tradies studio to ask the questions I hear from trade business owners all the time. Are we keeping the right records? Are we missing things we could claim? And why does BAS always seem to sneak up on us?
Brad’s biggest tip was also the simplest: get on top of your receipts as you go.
He’s seen plenty of shoeboxes and plastic bags full of faded receipts. If that sounds familiar, start taking a photo when you get a receipt and save it somewhere you can find it. You’ll make life easier for yourself, your bookkeeper and your accountant.
We also talked about work vehicles. If you’re driving a ute for business, Brad says it’s worth asking your accountant whether you need a logbook and whether the records you have are still current. It’s one of those jobs that’s easy to put off when you’ve got actual jobs to get to.
Then came the fun question: what’s the most outrageous thing someone’s tried to claim? Brad’s answer included a jet ski. So no, putting something through the business doesn’t magically make it a business expense. And when your mate says he claims everything, maybe run that advice past your accountant first.
The other thing I took from our chat was this: don’t wait for a BAS deadline to look at your numbers. If your books are kept up to date during the quarter, you’ve got a much better idea of what’s coming. That’s a far nicer position to be in than scrambling for receipts and hoping for the best.
Brad and I covered plenty more, including fuel cards, choosing an accountant you can actually talk to, and why he enjoys working with tradies. We even got onto his Fast and Furious inspired Toyota Supra.
If you run a trade business and tax always ends up in the “I’ll deal with it later” pile, give this episode a watch. You don’t need to know every tax rule. You do need good records and a good person to ask.
