If you’re a small business owner chances are you are leaving money on the table and exposing yourself to rules you never even knew existed truthfully until this recording I didn’t know half these things existed myself in this podcast with my guest who’s a management accountant Kathi Tait we cover five financial tips that you absolutely must need to hear I’ll be honest this is not an exciting topic but it affects everybody that is running a small business
In this episode of the The Site Shed podcast, Kathi Tait, a bookkeeper for tradies of Tradie Books Australia, shares valuable finance tips for tradies to help them with compliance and financial management.
First, Kathi talks about the forgotten compliance that many tradies overlook – submitting the taxable payments annual report. This report is required by the Australian Taxation Office (ATO) for businesses in the building and construction industry to report their total payments made to contractors for building and construction services.
Next, Kathi discusses the new government digital ID systems and how they can benefit tradies. She emphasizes the importance of having someone familiar with the specific rules and regulations of each country to handle bookkeeping and compliance.
Kathi then delves into the topic of apprenticeships and how tradies can access rebate money for having apprentices. She explains that this is a government initiative to help long-term unemployed individuals gain employment and how it can be a win-win situation for both the tradie and the apprentice.
The fourth tip Kathi shares is how tradies can get a bonus on their BAS with fuel tax credits. This is a rebate for five-ton or more trucks driven on road, and Kathi highlights the importance of tracking your usage and checking with your finance help for more information.
Finally, Kathi discusses the single touch payroll system and phase two rollout, which she admits she is not familiar with but believes it is likely for the better.
Throughout the podcast, Kathi emphasizes the importance of compliance and financial management for tradies. She notes that bookkeepers can be a valuable resource for helping tradies navigate these complex issues.
For more tips and insights on bookkeeping and compliance for tradies, check out Tradie Books Australia at trytradiebooks.com.au
Discussion Points:
00:00 Tradie Web Guys
01:54 Intro
02:40 Welcome kathi Tait
08:57 Tip 1 – Access Rebate Money for Having Apprentices
20:00 Tip 2 – Get a Bonus on Your BAS with Fuel Tax Credits
27:00 Tip 3 – Forgotten Compliance All Subbies Need to Submit
27:40 Forgotten Compliance 1 – TPAR (Taxable Payments Annual Report)
31:50 Forgotten Compliance 2 – Portable long service leave
34:44 PAYG Installment
38:49 Tip 4 – New Government Digital ID Systems
56:18 Tip 5 – Single Touch Payroll Phase 2
Resources:
- Learn more about the CRM that DOES IT ALL for your trade business! Just click on this link: https://www.tradiehub.net
- Get your FREE Opportunity Assessment right NOW! https://www.tradiewebguys.com.au/grow/
- Join a global community of 6000+ trade professionals https://www.facebook.com/groups/TheSiteShed
- Tradie Books Australia – www.trytradiebooks.com.au
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