How to Maximise Deductions for Your Trade Business Before EOFY

12 May

EOFY can either be a stressful scramble or an opportunity to get ahead. For tradies in the Hawkesbury region, it’s the best time to make sure you’re claiming every deduction you’re entitled to and keeping more of your hard-earned cash. From tools and vehicles to business expenses, a little planning now can save you thousands at tax time. If you’re looking for expert guidance, accountants in Windsor can help tradies navigate EOFY smoothly.

Here’s how to legally minimise your tax bill and set your trade business up for a stronger financial year ahead.

1. Tools & Equipment: Claim What’s Yours

Every tradie knows that good tools aren’t cheap. But did you know that tools, equipment, and even protective gear can be claimed as tax deductions?

Immediate Asset Write-Off

If you’ve purchased tools or equipment for work, you may be able to claim the full cost immediately under the instant asset write-off scheme.

Protective Gear

Work boots, gloves, high-vis clothing, and even sun protection (hats, sunglasses, sunscreen) can be tax-deductible if used for work.

Tech & Software

Laptops, tablets, and work-related software (like accounting or quoting tools) can also be claimed.

Make sure you keep all receipts and invoices, your accountant will need them to ensure you claim correctly.

2. Vehicles & Work-Related Travel

If you use your vehicle for work, there’s a good chance you’re leaving money on the table when it comes to deductions.

Work Vehicle Expenses

You can claim fuel, servicing, rego, insurance, and depreciation for a work vehicle.

Logbooks Matter

If you use the logbook method, you can claim a percentage of your vehicle expenses based on actual business use.

Utes, Vans & Trailers

If your ute or trailer is used primarily for work, you may be able to claim it as a business expense.

Pro Tip: If you’re using the cents per km method, you can claim 85 cents per km for up to 5,000 km per year. If you drive more than that, switching to the logbook method could get you a bigger deduction.

3. Prepay Expenses & Lower Your Tax Bill

One simple way to reduce your taxable income this year is to prepay expenses before June 30.

What You Can Prepay:

Rent & lease payments
Insurance premiums
Accounting & bookkeeping fees
Supplier invoices

If you know you’ll need these services anyway, paying before EOFY means you claim the deduction this financial year instead of the next.

4. Claim Business Expenses: Even the Small Ones Add Up!

Everyday business expenses might seem small, but they add up fast. Tax accountants Penrith can help identify deductions you may have missed.

Common Deductions for Tradies:

Phone bills (business calls & data usage)
Work uniforms & branded clothing
Marketing & advertising (website costs, social media ads, business cards)
Subscriptions (industry memberships, trade publications)
Training courses & licensing fees

Even something as small as parking fees for a job site visit can be deductible, so keep track of all expenses.

5. Don’t Miss Out On Super Contributions

One of the biggest EOFY tax traps for tradies is superannuation. If you pay your own super before June 30, you may be able to claim a tax deduction for it.

Why This Matters:

Boosts your retirement savings
Reduces your taxable income
Helps avoid ATO penalties

If you have employees or subcontractors, ensure their super is paid on time—late payments are not tax-deductible and come with hefty penalties.

How Bold Accounting Helps Tradies Keep More Cash in Their Pocket

At Bold Accounting, we don’t just tick boxes at tax time, we help you get every dollar you’re entitled to all year round.

We work exclusively with tradies, so we know exactly how to maximise deductions, structure your business correctly, and keep your cash flow strong.

We make sure you’re claiming all your tools, vehicle expenses, and business costs
We help you avoid tax traps that cost tradies thousands every year
We handle your EOFY paperwork, so you don’t have to stress