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Accounting for Tradespeople

Being in the trades or building industry you need an accountant who understands your business.

At Tocumwal Accounting, we understand the unique nature of the trades, such as the importance of cash flow, quotes, invoicing, job costing and scheduling, progress payments, retention and variations, tracking project profits and paying sub-contractors. And this is on top of the usual small business compliance issues of GST, BAS, PAYG and Superannuation.

In the 2011-12 federal budget, the government announced a new requirement by certain businesses to report annually to the ATO on payments made to contractors in the building and construction industry.

The long hours and physical demands associated with being in a trade often means that accounting and taxation issues don't receive the attention they deserve.  Consequently, many tradespeople fail to manage their tax appropriately, resulting in paying too much tax, missing legislative obligations and exposing themselves to substantial fines or interest penalties. Failing to adequately prepare for tax obligations can also play havoc with your business cash flow that is so important in the trades.