Accounting For Trades People

Being in the trades or building industry you need an accountant who understands your business. Here at O'Bryan & O'Donnell we appreciate the unique nature of the trades including the importance of cash flow, quotes, invoicing, job costing and scheduling, progress payments, retention and variations, tracking project profits and paying sub-contractors. This is in addition to the usual small business
compliance issues of GST, BAS, PAYG and Superannuation.

The long hours and physical demands.....

11 Things Tradespeople Should Know

Being in the trades and building industry you need an accountant who
understands your business and the intricacies. Here at O'Bryan & O'Donnell we appreciate the unique nature of the trades including the
importance of cash flow, quoting, job costing, scheduling, progress
payments, retention and variations. This is in addition to the usual
small business compliance issues of GST, BAS, PAYG and Superannuation.

Industry Benchmarks for Trades

Does your Business fit in line with Taxation Office Benchmarks for your trade. The Taxation Office compares like businesses and those outside Industry Benchmarks increase there risk for Audit

We have listed 15 different Trade Benchmarks which show the range of income for Low Medium & High volume business; the benchmark rate of Labour cost to turnover for each category and material to turnover within each category. There are also other bencmark indicator applicable to the various trade industry. Check if your trade is listed and if your results fit in line with the Benchmark to reduce yor risk of audit. If not please contact O'Bryan & O'Donnell for an analysis of your business

Vehicle & Equipment Finance

There are a number of different ways to finance the purchase of vehicles and equipment in your business including lease, chattel mortgage and commercial hire purchase. Each method of finance has varying taxation implications plus important GST and FBT considerations. The financing method can also have profit and cashflow implications that you need to understand.

Motor Vehicle Tax Guide

This guide is designed to explain the deductibility of motor vehicle expenses for employees and self employed persons. It specifically relates to car expenses and excludes vehicles other than cars – for example, utility trucks or panel vans with a carrying capacity of one tonne or more, vehicles with a carrying capacity of nine or more passengers and motorcycles.

Negative Gearing

Creating wealth through purchasing an investment property is a well established practice in this country.

By definition, ‘negative gearing’ is where you borrow to acquire the property and the interest expense exceeds the rental income you receive from the tenants. The obvious attraction of borrowing or gearing to invest is that you can purchase a property that might otherwise have been unaffordable and the strategy can also be tax effective because individuals can offset the loss against other assessable income.

Starting or Buying a New Business

Starting or buying a business can be like a game of chess, to succeed you need to make the right opening moves. The business evaluation and establishment phases can be periods of great anxiety due to a combination of excitement, uncertainty and financial risk.

Sound professional advice from qualified accounting and legal sources is crucial. Having assisted so many clients in this situation we believe you can benefit from our experience.

Insurance & Financial Planning Service

Through O’Bryan & O’Donnell Financial Services you can access specialist advice in all areas of financial services including superannuation, retirement funding, wealth creation, investment
strategies and risk protection advice.

Our insurance advisers underpin their advice with researched analysis in risk insurance including
  • Trauma insurance,
  • Income protection,
  • Life insurance and
  • Business insurance.

Our financial planners offer our clients a clear understanding of their financial planning options with open communication being a major
component of his partnership with you. You will find they are technically very knowledgeable and have the ability to work with you toward achieving the goals you set for yourself, your family and business.