Tax time tips for trade (without the boring bits)

This week on The Tradie Show, we’re talking TAX, and if you’re driving while you’re listening to this show, I promise you, you won’t fall asleep at the wheel because this conversation about tax is anything but boring. We’re gonna entertain and educate you today about tax.

Ange
We sure are, Andy. Most trade business owners and contractors do get a little bit freaked out when tax time rolls around. I can feel the paddock rising in some of you. So today you’ll hear from Magdaleen Kelly, who is a practicing BAS agent and Xero consultant, and we are going to chat all about preparing your tax.

Andy
Yeah, you know what everyone, Angie and I are the first ones to put our hand up and say we’re not financial gurus, and we don’t have an education in finance. But I’ll have to say over the years we’ve learned how to understand our financial data and how it applied to our trade business, Dr. Drip. And what we realized was to make empowered decisions you really need to grasp what your numbers are telling you. And to do that, you need to know your financial data and make sure it’s also up to date.

Ange
That is absolutely right. There’s no better time than now when we’re approaching tax time for you to get this sorted once and for all. So that’s why we’ve caught one of the big guns on tax to join us.

Andy
Whether you’ve got a great account in your corner or you are winging it right now. This episode is for you.

Ange
That’s right. You don’t wanna just YOLO a crew. On that note, welcome Mags.

Magdaleen
Hi. Thanks for having me guys.

Andy
So good to have you, Mags. It’s gonna be a cracking show.

Ange
Mags is with us in The Tradie Show studio today, so that’s pretty cool. Thanks for coming in to chat with us about this super important topic for trade business owners. We’ve got some questions we’d love to ask you about tax.

Andy
We definitely do. But there’s one question I gotta ask you Ange. What the hell does it mean to YOLO? That you said earlier, like, seriously.

Ange
YOLO means you only live once. It’s like used to express the view that someone’s making the most of the present moment without worrying about the future.

Andy
What are you trying to do? You’re trying to be like an 18 year old gangster or something these days or what?

Ange
Well, you know, tax time is often considered hard and they leave it instead of preparing. So to me it made sense.

Andy
Okay, I got it. So let’s take it away with the first question. So Mags, in your experience, what are some of the mistakes you see trade business owners continue to make, especially when it comes to tax time?

Magdaleen
Wow, that’s a big question. I think the biggest answer to that is, uh, avoiding the issue. And,

Andy
I agree, right?

Magdaleen
Yeah. Like hitting the sand, hitting the sand. Um, I feel the same, tax gives me the same hippy gibbies. Because I get the same, um, response from all my clients all the time. It is about avoiding talking to the tax professional, to your accountant, to your bookkeeper, to your BAS agent, just because you know that you weren’t doing what you were supposed to be doing during the year to keep track of all your records. So, you know, getting that email from your accountant with a five page, uh, where’s the source document for that? What was that spent on? And not keeping your records accurately becomes a major stress and not using cloud-based accounting software where you can actually do things on the run and while you’re in your car, while you’re driving, while your boys are out at sites, keeping track of all those pieces of paper. I think that’s probably the number one mistake people are making.

Andy
Yeah. No, I think with tradies, contractors, You know, we run through the year and we get our money, and it sort of comes in, it comes out, it goes all over the place, and we are not using a qualified bookkeeper or someone necessarily to help us. And then we flick everything to the accountant, and then the accountant looks at it and goes, this is absolutely terrible. And then they ask them a heap, ask you a heap of questions, do you like? What would I know? I am a tradie. I’m not an accountant and I’m not a bookkeeper. And most of us just stick our heads in the sand, don’t we need to, oh my God, I just don’t even know what’s going on here.

Magdaleen
And I think the worst part of all of that is you then turn to your mates. You know, you, you are not getting the actual advice that you need from a professional. So you go to the pub, you have a beer you all bitch about in the financial year, and you all start talking about what you deduct in your business. And what your uncle’s neighbors are deducting and he’s a big construction business. Um, but you can’t compare because each business is unique. Each structure is unique and it’s very important to understand your business structure, what you do in your business, and what you can actually deduct and how to prepare.

Andy
And that is so true because there’s so many tradies, they go, well, my mate who deducts da, da da, da da, and he deducts all of his motorbikes and all of this, and his accountant said, it’s okay. Where another 99 accountant would say, well, you can’t do that. Right? So you’re exactly right with what you said there. It’s really something that you need to talk to your accountant so they can look at your individual business of what you can claim, what you can’t claim, and making sure you are up to date and doing the right thing when it comes to tax.

Ange
I like your sentence though Mags about saying that they stick their head in the sand because we know plenty of trade business owners who actually have gone years without actually completing their tax. So you know, we’re talking about how do we just finish?

Andy
We’re not talking one or two years, we’re talking four or five years without doing tax.

Ange
Exactly. So that’s my point. You go. Okay. What we’re actually talking about right now is how do you finish this one 12 month period right now in preparation? We’re sitting here just about to come up to the end of June. But the reality is some trade business owners have not looked at this for like the last five years, you know, or more. It’s a real problem. And you can imagine that that’s very overwhelming.

Magdaleen
Absolutely. And I think, uh, again, and this is gonna sound like a stuck record today if you’ve gotta reach out, you’ve gotta pick up the phone, you’ve gotta call your tax agent, your bookkeeper, your BAS agent. Have a conversation with them because if you haven’t lodged your tax returns for five, six years and the overwhelm is big, and you know you don’t have the cash flow to pay those debts, it’s important to start somewhere. There are some ways of carrying forward deductions that you were able to claim in previous financial years that, um, you can actually now claim once you lodge your old tax returns. So it’s important to have a chat and

Andy
So, What you’re saying, it’s almost like AA when you’re an alcoholic, unless you, you’ve gotta sit there in that circle and go, I am an alcoholic. Um, that’s the same with tax, right? If you’re not getting it done and you’re not emitting and you’re not putting your hand up and saying, I have to do this now, it just becomes worse and worse and it becomes more of a stress, and in the end you are worse off.

Magdaleen
A hundred percent. And the ATO is definitely cracking down on, uh, businesses, using them like a, a direct line of credit. They’re not a bank and, um, the interest that you pay on late payment fees and failure to lodge is huge. And, um, it’s a little bit like atomic habits, right? You wanna, you just wanted to start with the oldest tax return, nail it in the bar, get it done, deal with the debt, get a payment plan, and be ahead of the game rather than hiding under a rock.

Andy
Yeah, and I just wanna say that the ATO, through the Covid sort of period many years ago now, that let a lot of people use them as banks and they got away with it and, and now, like I’m hearing right now a mate of mind, a director and quite a big building company, a development company. And he, for the very first time, he’s been in the business for 40 years. For the very first time, he actually got a personalized letter to him as a director saying that you have outstanding tax and that you are liable. Normally that letter would go to the business or the company in a hole, but that was directed to him at the director. So ATO now are getting really serious and they’re really clamping down on all this stuff.

Magdaleen
A hundred percent. And just while you’re talking about a director, a lot of people here might not know if they’re directors of their companies or if they’re even a company or a partnership or a sole trade. It’s very important to clarify that with your accountant and your tax professional because there are massive liabilities and fines around not registering yourself as a director of a company. The ATO has got such visibility over it now and uh Yeah, the fine is like $13,200.

Andy
Yeah. So if you’re listening now and you own a company and you know your director, um, you had to lodge, what was the actual wording? You had to lodge as a?

Magdaleen
You have to register, register yourself as a director and you can do that through your myGov id.

Andy
And we were meant to have done that quite a while ago. And I think there were fines of over $10,000 or something. What was the?

Magdaleen
Yeah, it was due back in November 2022. And the fines are 13,200 for failure to register.

Andy
Have we done that Ange?

Ange
Yes, we have.

Andy
I know, I know.

Ange
Bit of a problem if I told you we hadn’t.

Andy
No, no. I knew we’d done it.

Ange
So Mags, in an ideal world, what advice would you give to trade business owners about preparing for tax time in the best possible way?

Magdaleen
So I think the first thing is, uh, get your head out of the sand. And, um, face the reality and, and take ownership for where you are at. Now is a perfect time to implement the changes that you wanna instill in the new financial year and have better practices for the future, but it’s also important to take action, talk to your accountant, and action this stuff that needs to be done before the 30th of June, 2023. And a lot of those things need to be done at least three weeks before the end of June. So, By listening to this podcast and um, hopefully this will prompt you guys with some questions to ask your accountant. Pick up the phone now while you’re driving and call your accountant and book an hour session where you can discuss your proactive way of moving forward this financial year.

Andy
Yeah, it’s the old saying, you don’t know what you don’t know, and if you don’t know, how do you deal with it? And I guarantee you, if you don’t know, you’re normally in a worse situation than knowing. So when you know what’s gotta be done, you’ve got a game plan and you can put things in play. So that’s obviously really good advice. The interesting thing with the ATO, just to make things tough, they put a slightly different spin on what you can claim every single year. So it’s never the same. So that makes it even harder for us tradies and contractors. So what do you do in regard to this? How should you be aware of the financial year and its changes?

Magdaleen
Um, having a good relationship with your accountant, your bookkeeper, your tax agent, whatever that looks like or even your industry body, like Masters Buildings Association or whatever you are part of. Uh, listening to podcasts and, uh, being proactive, uh, is definitely the way to go. I mean, there’s, there’s different changes. The ATO has got such visibility over things now and with cloud-based accounting software and single touch payroll phase two that was just implemented. Now I might be talking Greek to you guys on the tools. Um, but these things are very, very big issues and major compliance requirements by the ATO. So single touch payroll, basically sheets like a torch on your business, basically. And they, and the ATO can see everything.

So whether you’ve paid your super, whether you have, uh, a contractor on in employee, uh, and that’s a big thing they’re cracking down on is, is, is making sure that you keep track of the contractors that you pay, whether they’re registered for GST, whether they’ve got an ABN number. Whether they actually deemed an employee or not. So this is a massive area at the moment and something to be very mindful of. And then how do you keep records of that? What, what are you using to keep track of those details? Because you’re gonna have to, uh, lodge a taxable payment annual summary report, which is called T P A R. Um, and not only that, The tax department is now because a lot of tradies don’t even know whether they need to lodge it. If you are in construction or trade, you have to lodge it. Even if you are a cleaning business or, uh, an interior designer, an architect, anybody who pays contractors are eligible to lodge this taxable payment annual summary report and um, yes. You can use your Cloud-Based accounting software to make this easy, but there’s a major liability around superannuation and whether some of those contractors are actually deemed an employee. There is a test that you can do on the ATO portal and I would suggest that all of you, if anything, go right now get sorted with your contractors because that’s an area the IT was definitely looking at.

Ange
Yeah, that’s a tricky one that is actually about this whole contractors versus employees. Cause there are plenty of trade industries that lean on contractors and perhaps are using more than 80% of their time, you know, working on the tools and it is really important that they understand what are those rules, where that contractor does actually have to start? You as a trade business owner actually have to pay them superannuation cuz they’ve actually flicked into being classed as a full-time employee.

Andy
The challenge with that too, Ange, is that, you know, I talk to a lot of trade businesses that are using contractors more than 80% of the time, they’re almost full-time contractors. And I said to them, well, you know, you are liable for super and all this stuff. And they go, yeah, but no, he’s okay. He’s a mate of mine. He has been working with me for years. Yeah. And dead set. I’ve heard that a million times and sometimes it bites you in the butt, so be very, very careful. But it was just interesting, you know, we love technology and cloud-based accounting has come such a long way, and all this stuff is incredible, but it’s really helped the government watch us like a freaking hawk. There’s nothing we can do now without them understanding what’s going on. Back in the old days when you had the old ledger and the pencil and the rubber and you, you made shit up along the way. You just can’t do that anymore. And I know for being a business owner and understanding your numbers, it’s so critical, cloud accounting and going down this path is definitely the right way to go. But for us tradies and contractors, it can sometimes be confusing. It can sometimes be, what am I getting myself into? But as Mags had said earlier, you don’t know what you don’t know, and it’s very hard to fix it when you don’t know it. So ring your accountant, ring your bookkeeper, and make sure you get on top of this from the very start.

Ange
This is where trade business owners who often you’ll find that I’m stereotyping here, but the he’s of a trade business owner often ends up with his “she” working inside the business, and one of the things when she puts up a hand to say, Hey, I’m happy to help out, or whatever, at the very beginning he says, okay, why don’t you just do by bookkeeping? It’s almost like the thing that he offloads, right? Because he says, I just don’t understand finance. I really don’t care about it. So how about you do it? And it’s often not her forte, it’s often not her career path. You know, she’s come from teaching or she was a nurse or whatever, and I would personally, we would definitely be suggesting that she’s not even the right person to do that task. You must be outsourcing that bookkeeping to someone who knows what they’re doing really well, because, We’ve just highlighted financial packages like this software is really important. It needs to be updated all the time, but the ATO has eyeballs on you, so you just do it. This is about efficiency, right?

Andy
We did a podcast the other day and Ange said, if you are a one man show Andy, who would you hire first? An apprentice or a, you know, qualified tradesperson? And I said, and I thought about it and I went, you know what? If I was a one man show or one person show moving forward, the first thing I’d hire was a bookkeeper. Because that was actually what I did all those years ago. And looking back on it, I didn’t realize how important that was. It just took the whole stress out of knowing your numbers and finances and that, and, and you must be seeing that so often when people come to you for the first time, and then that is this light bulb of, oh my God, you’re making my life so easy.

Magdaleen
A hundred percent. And I think, um, having that, Bookkeeper outsourcing what you’re not good at, it’s gonna take a massive amount of load off your shoulders. Because it’s taken care of. And you know, again, if we start doing tax planning now, we need to actually understand our figures. And, and what we’ve got in front of it is if, if, if you don’t have a system, you know, you somehow have gotta put that together into a spreadsheet that takes time. You’re sitting the whole weekend, you’re pulling your hair out, your mates are drinking beer at Modus, and, and you know you’re sitting with your bookkeeping. That’s not fun. So I think the most important thing is to be able to get that person in place that can structure things for you so that actually when you go to your accountant and they’re looking at your figures, that those figures actually make sense. They can’t actually advise you on efficient tax planning if your figures don’t add up, or even if, if there’s, if there’s nothing to look at, there’s no margins, there’s nothing. Um, they can’t see what your net profit is. They can’t work out, work out what your taxes are gonna be. How on earth can you plan if there’s no visibility?

Andy
I understand.

Magdaleen
Around your figures.

Andy
Sorry to quickly interrupt today’s episode guys, but as you know, we are coming up to the end of the financial year, and guess what? We have a deal for you. Book a strategy call with me before June 30 for your chance to get $1,200 off your yearly Lifestyle Tradie membership. It’s a hundred percent tax deductible, but be quick. Offer ends June 30, and memberships are limited, terms and conditions apply.

Ange
So when we’re talking about financial platforms being so efficient, you know, to us if we just kind of go, it doesn’t make sense that anyone wouldn’t be using some sort of cloud account financial package that bundles directly with your job management system to make life easy. But I’m sure there are perhaps other tech tools that can actually help to keep our records in order. What’s your advice around that Mags?

Magdaleen
So, yeah, the biggest thing would be having a cloud-based accounting package, whatever that is. I’m a Xero girl, so I’m gonna go

Ange
Yes, me too.

Magdaleen
Xero all the way. And the reason for that is because it integrates with so many other platforms. So if you’ve got a practice management software that you use like AroFlo or ServiceM8, Xero talks to it. And you can have real time figures within your accounting things like document extraction, so managing that paperwork, whether they cut it comes in digitally into your inbox or whether you’ve got the little receipts on the fly or somebody runs to Bunnings or whatever they do. Having something like Hubdoc or DExT, which is, um, you can download the apps on your phone, you can snap in the receipt through that, it automatically extracts it, it attaches the document. It’s all in Xero or your accounting software, whatever you use, and it talks to. It just means that that paperwork is taken care of in real time and there’s no paperwork that goes missing. The accountant can have access to it, so you can invite them into your system. There’s just this global overview of where you are at.

Ange
So, these receipts, you mean aren’t scrunched up little balls, sitting on the floor of the footwell of the vehicle, along with Mars bar wrappers and um, choppy energy drinks.

Andy
A can of mother.

Ange
Yes. And when they open the side door, everything just falls out and they’re like, oh, they’re on my petrol receipts. I have to do something with them.

Andy
There’s really no excuses these days. The tradies, you know, every time I purchase anything now, take a photo, send it to accounts or wherever you send it within your business.

Ange
Stick it in Hubdoc.

Andy
Um, they’ll stick it in Hubdoc, you know, it, it goes straight through and it happens every time, Mags, there’s no

Magdaleen
A hundred percent. There’s other things there. There’s other things as well. You know how, uh, we are all so bad at putting money aside for tax, right? There’s a thing called HNRY. That is for trade businesses and, um, I mean, it sort of, kind of replaces Xero, so I don’t like talking about it. But I think it’s a really cool tool. If you’re one of those people that aren’t great at putting money aside for tax or GST or, or, or on top of your compliance, HNRY takes care of it. So every time you get paid, it actually deducts the tax, the pays you go the super whatever’s owing automatically, and they take care of all your compliance so that money it comes in, but before it hits your bank account, they’ve already accounted for your tax.

Andy
And that’s where most tradies get in trouble. Where they’re actually spending money that actually isn’t their money. It’s actually the government’s money and, and you see a certain figure in your bank account, you think, oh geez, I’m doing pretty good. So you start spending it, then all of a sudden you’ve gotta pay your G S T and your tax and all that and you go, hang on a moment, I’m not doing so well.

Magdaleen
So that’s that classic question of, uh, I’m making a profit, but I’ve got no money in the bank.

Andy
Oh, okay. Everyone out there now who is here at the end of the year goes, I’ve made this much net profit. And then you go, but where the hell is it?

Magdaleen
That’s profit before tax guys. Heads up. Heads up.

Andy
Yeah.

Ange
Sad. So one of the things with regards to tax that we speak about all the time is having these regular meetings with your accountants so that you’re talking about finance and you understand your numbers because that’s what’s, you know, if you’re a trade business owner, that’s what you’ve, you’ve gotta know this is, empowers you to make decisions. But coming up to the end of tax, right now is that very important time because perhaps your accountant will say to you, Hey, you’ve actually got quite a lot of money sitting in the business, perhaps you need to actually buy a couple of tools or whatnot. What’s your advice about that Mags?

Magdaleen
Definitely, again, speak to your accountant, but, but, um, there are, there are stuff that’s coming to an end, like, uh, deductions that you can claim that’s finishing, uh, at the end of June, 2023. Which is the temporary full dispensing platform that the ATO had for the last couple of years. So be careful though, don’t just go and spend because you really need to make sure that you can actually afford that asset to write it off. It also can have a future tax, um, ramification. So if you do expenses or buy something for 50,000 or $60,000 now before the end of the financial year, it will affect your pay as you go installments and the, in the following financial year. And a lot of people go, oh few, I don’t have to pay that. Just the bash was much easier this quarter because the installment amount for future tax is much smaller. You don’t allow for that revenue. Um, And that tax for the future year. So you get caught out, you get to the end of the following financial year and yes, you, you claimed a massive, beautiful deduction in the previous one, but you get to the following one and you have got a big tax bill because you didn’t provide for those installments.

So I think, make sure you’ve got the money to spend first and foremost. And if you’re one of those lucky tradies that have got a profit after tax, like make sure the, the accountant actually shows you what’s left in there and that’s when you can start making your tax maximizations or deductions. You have that conversation with your accountant and then you go, okay, these, the, the super, like you can put extra money into superannuation. That has to be done, um, before the end of June, 30th of June, 2023. Um, and it actually has to hit the super funds before the 30th of June. So what that means is everybody now lodges their super through the clearing houses. Xero and these software companies are actually advising to get all your super paid and up to date by the 14th of June to be able to claim that deduction in the current financial year. If you missed that cutoff. Yeah. You can’t claim it in this financial year, but you can claim it in the following one. So if you wanna maximize what you do in this financial year, you really need to get a handle on what’s actually happening in your accounts. What is the net profit? How much tax are you gonna be up for paying? And then what the cash flow allows for.

Andy
Yeah, so pretty much what you’re saying there, Mags, is go to the experts that know they can look at the whole picture and help you make a decision. Don’t be silly, and go out and buy that dream Ram truck that you wanted, and you’ve always thought that you can afford until you actually are told by the accountant that it was actually the right purchase at the right time. I’ve had quite a few people talk to me about purchases they did thinking it was right and it wasn’t. I mean, I still remember my account many, many years ago telling me, Andy, there’s plenty of businesses that are making more profit than you that are going bust because of cash flow. So I just wanna point that out to, we all know this, but cash flow is king. We need to make sure that you’ve got the money before you spend it. And just because your P&L sometimes says you’ve made so much profit, a lot of the time that may have been invoiced out, but actually have you received it from these big building companies? Because what happens if you think you’re gonna get that hundred grand and you don’t, and then you spend all this money and now that’s a bad debt. You are in serious problems. So make sure you talk to the experts.

Magdaleen
Hundred percent and there are smaller things that you can do. You don’t have to go big. You can, you can look at your accounts receivable and look at identify the bad debts. Now the bad debts has to be identified and written off before the end of June. So run your accounts receivable report. Look at those accounts that’s overdue, 90 days plus work out whether you’ve done everything possible to retrieve that money. And once you, you clear that, that’s a bad debt, make sure you write those off before the end of June. If you’re a lucky tradie and you’ve got a nice fat profit and you wanna maximize your deductions, there’s things you can do like paying, um, certain expenses upfront like rent, insurance, utilities, things like that. Um, but don’t go and do that if you don’t have the cash flow. So there, there’s small things and small steps you can take to maximize your deductions. Without actually having to do the big 60K spend. There’s a fun one though, like electric cars.

Andy
What? Tell us about that.

Magdaleen
Yeah, like the electric cars. I don’t know if there’s electric utes out there yet. Is there Andy?

Andy
No, I think a lot of us tradies are still into our booyah baby. Tell us about these electric utes.

Magdaleen
Well, they’ve got it, like the electric cars, if you buy an electric car, like, um, you know, most vehicles you can only claim the work portion for a deduction. So if you, a 70% work and 30% private use, um, you can only claim 70%, but with the electric vehicles you can actually claim a hundred percent of the expenses. So that’s

Andy
Wow. Geez, they are really pushing us down that way, aren’t they? They’re really pushing us down there.

Ange
This has all been great conversation, but one question I wanna ask you, Mags, for trade business owners listening to this conversation and perhaps they’re freaking out, little bit about tax time, what would you like to say to them?

Magdaleen
It’s perfect timing to take action right now. I think it’s putting your hand up. Ask people for help getting your accounting system set up, not only for this financial year, but definitely for the following financial year. Um, you cannot plan or have any tax advice around figures that don’t exist or don’t make any sense. So at the same time, I just wanna say like, my advice today was general in nature and, and in a sense that hopefully it prompted you with some questions to actually go to your accountant because I know that a lot of my clients don’t know what to ask and they don’t, they, they all feel like they’re not getting the right advice from their accountants. There’s a few things in there that you can go and approach them with and actually be proactive and make the change that you wanna see. Because if you don’t change anything, nothing will change and you will be in the same position in 12 months time.

Andy
Yeah, a hundred percent Mags, that was amazing. Um, there was some great advice you’ve talked about in there as well, and, and I just love talking to you. Ange and I have been working with you for a, a few years now, and we know you are an absolute superstar, but what we like to do too, when we, in our podcast, we like to play a little bit of a game, we’re gonna fire three rapid fire questions at you, and I’m gonna give you, You know, up to 10 or 20 seconds to answer each one. Are you ready?

Magdaleen
Oh my God, yes I am.

Andy
Okay. The first one is, what is one strategy you use to start your day right?

Magdaleen
I always meditate for 20 minutes every morning when I get up.

Andy
20 minutes, every morning.

Magdaleen
Every morning.

Andy
I thought you were gonna say, you go surfing every day.

Magdaleen
After my meditation.

Andy
Oh yeah. Mag’s an absolute gun surfer. She’s out there at Mona Vale. Go and say hello. Number two, what’s something that made you smile recently?

Magdaleen
Your energy, Andy, for sure.

Andy
Oh, thank you.

Magdaleen
I walked in. Yeah. And I can’t help but smile.

Andy
Oh, thank you very much. And number three, what’s the best piece of advice you’ve ever received?

Magdaleen
I think for me it’s definitely, own your actions. You know, like it’s just one thing and it, it, it sort of ties in beautifully with what we’ve spoken about today is just, take ownership. Just, you know, own what you do. Take ownership and, and take action.

Andy
That is a hundred percent true. Thank you. That is awesome.

Ange
You only have one life, right? Yolo. So

Andy
Yolo, you can jam your yolo.

Ange
What I love though is make the most of it, right? And as a trade business owner, When we are tying this back to finance, make sure you actually understand your data, but just live an awesome life. So I love that response. That’s awesome. Thanks so much for sharing your amazing wisdom with us today, Mags. It’s been fantastic for you to actually be here in the studio. This is really cool. I love when our guest speakers actually come in here. So listeners, if you’d like to connect with Mags, then you could visit her website, aquavantage.com.au. I’ll also put a link in the show notes.

Andy
See? Everyone out there. I told you this conversation on tax was not gonna be boring, and I bet you’re feeling much better about tax time now. After listening to mags, remember, we’re advocates for having a great accountant in your corner. As long as you understand your financial data and can ask the right questions, which is what we always discuss with our Lifestyle Tradie members, you need to know your numbers.

Magdaleen
Absolutely. Thanks so much for having me. I love being at HQ at Lifestyle Tradie.

Ange
Thanks for supporting The Tradie Show and we’ll be back in your ears next week.

Andy
Go get your tax sorted right now. Hell yeah!

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