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Best Tax Returns and Business Advice for Carpenters.
At David Douglas Accountants we are focused on helping with your accounts and let you get on with your trade. We have many years of experience helping the trades get their accounts right first time. From Tools to Motor vehicles we can get you the best outcome and make sure you are well setup for the future. Setting up your business right will save you thousands of Dollars over the long term. At David Douglas we know all the Tax Tips for Carpenters. We let you get on with building decks, houses, kitchens, cabinets, sheds, pergolas and so much more while we will make sure you have your accounts, business structures, tax returns, insurances and more setup for you. It is what we do.
If you are starting out as a carpenter or a New Carpenter Business is it so important to get the right setup and business structure to start. Having the wrong structure or setup will lead to so many problems, the right business structure will save you thousands and provide you the protection you MUST have. Come to the experts for help you can rely on.
Just a few areas we can help
- Temporary Full Expensing of Equipment Assets for Small Businesses has been extended to 30 June 2023. This means that Motor Vehicles up to $64,741 and Business Equipment up to $150,000 may be fully expensed until 30 June 2023. After 1 July 2023 this reduces to $20,000.
- Motor Vehicles: the rules around motor vehicles are changing. Temporary Full Expensing for your car up to $64,741 has been extended until 30 June 2023. Setting up your logbook to get the best return from your motor vehicle will save you $$. Have a look at our page on Motor Vehicles here
-Tools & Equipment: Temporary Full Expensing for Equipment for Small Businesses up to $150,000 has been extended until; 30 June 2023. The rules for what tools and equipment you can purchase can be complex so we can work with you to make sure you received all the benefits. if you dont get this right you can end up on the wrong side of a tax audit. Getting this right will make sure you have the right tools and equipment when you need it.
-Audit Insurance: Don't be unprepared for a tax audit. We offer audit insurance for all our clients.
-Account Keeping for Carpenters: Do you have a accounting system? We can look at your business and guide you to make your accounts work for you. Accounting software like Xero and Receipt Bank can help you keep track of your records.
-Receipts: How do you keep your receipts? We can help you with strategies that will save you time and make your life easy. We recommend Receipt Bank.
-Tax Returns for Carpenters: We can make sure you maximise your tax return, it's your money you work hard for it. Our team will work hard to make sure you get the best outcome.
-Insurance for Carpenters: You must have public liability insurance. Don't get caught out.
-QBCC Licence: Are you compliant?
-Protective Clothing: Steel Capped Boots, Hi Vis Work Gear, Logos, Sun Protection, Hard Hats.
-Mobile and Internet: The ATO requires a 28 day diary each year.
-Home Office: You may claim 67c per hour plus other home office expenses.
-Travel: You require an employer's letter, no secure lock up on site and carry 35 kgs of equipment used dailey. The ATO will ring your employer directly so always leave on good terms.
-Overnight Travel: You must keep all receipts showing description of goods, date, amount and business name. We recommend Receipt Bank. Check out examples to qualify in TR2017-D6.
-Taxable Payments Annual Reports (TPAR): You must report all contactors yearly on this form even if it is nil. You may report on your myGov Account.
-Single Touch Payroll: We recommend Easy Pay to register with the ATO
-Loss of income insurance: Tax deductible.
-Superannuation: Extra superannuation payments may be a tax deduction when made directly to your super fund if your combined employer contribution are under $27,500. You must get a letter from your super fund stating that you are claiming a tax deduction. This will appear on your ATO pre-filling report.
-Training: Travel to training and any out of pocket expenses are tax deductible.
-ATO assessment notices are sent directly to your myGov account: Set up an email or text alert on your myGov so you are notified.
-ATO audit triggers may result from claims > 10% of your income or > $8,000. Be ready, we offer audit insurance from $110 single $170 partners.
-We offer no contact services. We will interview you over the phone then email you your tax return. Simple fast and quick.
Make an appointment or contact us to get some help today.