7 Easy Tax Tips for Tradies

New financial year, new start, mate. Time to sort your money stuff so you’re not stressing when tax time rolls around. Doesn’t matter if  you’re on the tools or running your own crew — a few smart moves now can save you hassle later.

1. Get a Business Bank Account

If you’re a sole trader, you can use your personal account — but having a separate one makes life heaps easier.

If you’re a company, trust, or partnership, you need your own business account — those setups are legally separate from you. Starting  fresh or changing structure? Sort your business account early and keep your work money tidy.

2. Know What You Owe

Whether you’re a sole trader or running a company, make sure you know your tax setup.

Company owners:

• Register with the Companies Office and get an IRD number.
• If you earn over $60k a year, register for GST and file returns regularly.
• File your company tax return by 7 July (or 31 March next year if you’ve got an accountant).

Sole traders:

• You’re taxed as an individual.
• Over $60k a year? Register for GST.
• Pay ACC levies — they’re based on your income.
• KiwiSaver isn’t automatic, but you can still contribute and get the government top-up.

Chat with your accountant if your business is growing — it might be time to switch from a sole trader to a company.

3. Plan Ahead

Your business structure affects how much tax you pay and what you’re liable for. If your work’s busy, check with your accountant to make  sure your setup still suits.

Watch your GST: If you’re expecting to earn more than $60k, register before the IRD chases you.

Claim your expenses: You can claim anything directly related to earning money. Common ones include:
• Home office or shed costs
• Vehicle and fuel
• Work gear and depreciation
• Travel for jobs
• Client shout-outs

Set money aside: Keep a bit of cash for tax and GST so you’re not scrambling later.

4. Mark Your Key Dates

Don’t get caught out — remember these:
• 31 March: End of the financial year
• 7 July: File tax if doing it yourself
• 31 March next year: If using a tax agent

5. Keep Good Records

Hold onto your invoices, receipts, and bank statements for seven years. IRD can ask for them anytime.

You can go old-school with folders or keep everything online using Xero, Google Drive, or similar — just make sure it’s easy to find.

6. Use Accounting Software

Tools like Xero, MYOB, or Hnry are made for small businesses. They:
• Send invoices
• Track expenses
• Handle GST automatically
• Show where your money’s going

It saves you time, keeps things accurate, and gives you more freedom to focus on the real work.

7. Get a Good Accountant

Let’s be honest — you didn’t start your business to do tax returns. A good accountant will:
• Handle your taxes and GST
• Help plan for the year ahead
• Keep you out of trouble with the IRD

They’ll save you time, stress, and sometimes money — so you can get back to earning (or knocking off early on Friday).