With June 30th fast approaching, now’s the time for tradies to get across their EOFY tax deductions.
By claiming every legitimate deduction available, you can reduce your trade business’s taxable profit and minimise the amount of tax you pay.
Here’s a breakdown of the top EOFY tax deductions tradies should take advantage of this year.
Tools and Equipment 🛠⚙
Tools and equipment are one of the biggest tax deductions for tradies. You can claim:
- The purchase price of tools
- Repairs and maintenance costs
Whether you’re a carpenter, plumber, electrician or builder, items like drills, saws, hammers, and even toolboxes can be tax-deductible.
Don’t forget about the $20,000 Instant Asset Write-Off:
If your trade business purchases eligible assets costing less than $20,000 between 1st July 2023 and 30th June 2024, you can instantly deduct the full amount.
This $20,000 threshold applies per asset, not overall – so you can claim multiple purchases.
Protective Clothing 🧥🥾
Essential safety gear is fully tax-deductible, including:
- Steel-capped boots
- High-vis workwear
- Hard hats
- Gloves
- Sunglasses and sunscreen for outdoor work
Laundry costs for your protective clothing are also deductible.
Vehicle Expenses 🚗⛽
If you use your vehicle for business, you can claim:
- Fuel
- Registration
- Insurance
- Repairs and servicing
Tip: Travel between home and site is usually not claimable — unless you carry heavy or bulky tools that can’t be left at the job site.
Travel Expenses 🚕✈🚁
Business-related travel expenses are tax-deductible, including:
- Accommodation
- Meals
- Flights and transport
Keep detailed records of dates, locations, purposes and receipts.
Only claim expenses directly related to earning your business income – not personal trips.
Insurances🙎♀️
You can claim the cost of business-related insurances such as:
- Public liability insurance
- Tool insurance
- Income protection insurance (check if eligible)
Training and Education 📚
Ongoing training keeps your skills sharp – and it’s tax-deductible.
Claim expenses like:
- Course and workshop fees
- Textbooks and learning materials
- Travel costs for attending courses
The training must relate directly to your current trade.
Home Office Expenses 📌💻
If you manage paperwork or admin from home, you may be eligible to claim:
- Internet and phone expenses
- Rent (proportional claim)
- Office equipment (computers, printers, etc.)
Always keep detailed records and receipts.
Professional Fees 📃
Professional services that support your business operations are deductible, including:
- Accounting and bookkeeping services
- Legal advice
- Industry memberships and subscriptions
Write Off Bad Debts 😫🤬
If you report income on an accruals basis, you can claim a deduction for bad debts written off before June 30th.
Document the debt recovery attempts and keep full records to support your claim.
Donations $$$
You can claim donations over $2.00 if they’re made to a Deductible Gift Recipient (DGR).
Private fundraising donations (e.g., GoFundMe pages) are usually not tax-deductible.
Make sure you keep donation receipts!
Maximise Your Tradie Tax Deductions This EOFY
By claiming the right deductions, you’ll legally reduce your tax bill — and maybe even boost your refund.
Good record-keeping is essential, and speaking to a professional can help you avoid missing anything important.
✅ Save tax.
✅ Sleep well at night.
✅ Keep more of your hard-earned money.
Save yourself tax but still sleep well at night!
P.S. Want to make sure you are claiming everything you can? Feel free to reach out to someone in the know on 0424 467 921 or bettina@tradiesbookkeeping.com.au
