Trades

Trades

Cambrian Hill Accounting Ballarat has experience in offering Accounting and Tax services to Individuals and Businesses in Trades industries i.e. Plumbing, Electrical, Builders, Automotive. 

Many small businesses in the Trades industry need to consider whether the PSI rules apply.  These may apply even if you are trading through a partnership, trust or company.   To determine whether the PSI rules apply, there are a number of tests that need to be considered.  If they apply, the income may need to be attributed to the principal individual/s and will limit the types of deductions claimable. 

Trades operating in the Building & Construction sector such as builders, plumbers and electricians need to complete a Taxable Payments Annual Report if they engage any contractors/subcontractors.  This report must be lodged with the ATO by 28 August each year.

Depending on the state, some operators in the building industry may be required to lodge their Financials statements and Cash flows with the relevant state building commission i.e. QBCC.  If you are working interstate, it is important to check any state based requirements.