Trades
Tradespeople often start their careers as apprentices, gradually progressing to independent contractors and eventually running their own businesses. This journey typically begins with operating as a sole trader, and as they grow, they might start hiring apprentices and eventually form a company if advised by their accountant. However, many tradespeople do not think about long-term business planning or structure planning, often relying on accountants who specialize in individual and contractor tax returns. While tradespeople are typically loyal to their accountants, this loyalty can sometimes lead to receiving inadequate business and tax advice, which can cost them more in the long run.
Investax understands the unique challenges faced by tradespeople, from managing the transition from sole trader to a growing business, to dealing with employee management, Single Touch Payroll (STP), and TPAR (Taxable Payments Annual Report) compliance. We offer specialized accounting and advisory services to ensure that tradespeople receive the right advice and support as they grow their businesses, avoiding costly mistakes and ensuring long-term success.
How Investax Can Help
Transition from Sole Trader to Company or Trust Structure
Many tradespeople start as sole traders and only consider forming a company if advised by an accountant. Without proper guidance, this transition can be costly and inefficient.
Investax provides expert advice on the best business structure for your growth stage. We ensure that your transition from sole trader to company or a Trust structure is smooth, tax-efficient, and aligned with your long-term business goals.
Long-Term Business and Structure Planning
Tradespeople often focus on the day-to-day operations of their business and may neglect long-term planning, relying on accountants who may not specialize in business structure or tax planning.
Investax helps you develop a comprehensive business plan that includes long-term structure planning and tax optimization. We ensure that your business is set up for sustainable growth and that you avoid costly mistakes associated with poor planning.
Employee Management and Payroll Compliance
As tradespeople grow their businesses and start hiring employees, managing payroll, superannuation, and compliance with employment laws becomes increasingly complex.
Investax offers comprehensive payroll management services, including Single Touch Payroll (STP) processing, to ensure that your payroll is compliant with ATO requirements. We help you manage employee superannuation, entitlements, and other payroll obligations efficiently.
TPAR Compliance
Tradespeople who engage subcontractors or make payments to contractors are required to submit a Taxable Payments Annual Report (TPAR) to the ATO. Non-compliance can lead to penalties.
Investax assists with TPAR compliance by ensuring that all payments to contractors are accurately reported to the ATO. We provide guidance on record-keeping and reporting requirements to keep your business compliant and avoid penalties.
Tax Compliance and Planning
Tradespeople often rely on accountants who focus on individual tax returns, which can lead to missed opportunities for tax savings and inefficient tax strategies as the business grows.
Investax provides tailored tax compliance and planning services designed for growing trades businesses. We help you optimize your tax position, navigate complex tax regulations, and ensure that you are fully compliant with all ATO requirements.
Asset Protection
Tradespeople face significant risks, including potential legal disputes with clients or subcontractors, making asset protection a critical concern. Without proper asset protection, personal and business assets could be vulnerable.
Investax offers comprehensive asset protection strategies, including the implementation of trusts and other legal structures, to safeguard your assets from potential legal and financial risks. We help ensure that your wealth and business are protected.
Financial Reporting and Analysis
As tradespeople transition from sole traders to business owners, understanding financial performance and making informed decisions become crucial for sustained growth.
Investax provides detailed financial reporting and analysis services, helping you track your business’s financial health, identify trends, and make data-driven decisions. We ensure that your financial statements are accurate, timely, and compliant with all legal requirements.
Exit Strategy and Succession Planning
Planning for the future, whether it involves selling your trades business or passing it on to the next generation, requires careful consideration of tax implications and business continuity.
Investax offers tailored exit strategies and succession planning services that minimize tax liability and ensure a smooth transition. We work with you to develop a strategy that protects your legacy and secures the financial future of your business.
