If you’re a tradie with a truck, chances are it’s one of your biggest business expenses. Between fuel, servicing, rego, and insurance, the costs can pile up quickly. But the good news? Staying on top of it all doesn’t have to be a headache.
If tax time recently left you thinking, “I should’ve been more organised,” or you’ve just bought a new truck and want to start off on the right foot, here’s some pointers to break it down without the stress (or a shoebox full of crumpled receipts).
Ditch the paperwork – go digital
Forget spreadsheets and notebooks. There are plenty of apps built for tradies that make expense tracking easy. Here are a few to check out:
- myDeductions (ATO app): Free and directly linked to your tax return.
- Xero or QuickBooks: If you’re already using them for invoicing, they also track expenses.
- Driversnote or Vehicle Logbook: Useful for tracking kms and fuel.
Most apps let you snap a photo of your receipt and auto-fill the details. You can tag each cost (like fuel, service, rego) and get a tidy report at tax time. Easy.
Why it matters
According to the ATO, vehicle expenses are one of the most common deductions claimed by self-employed tradies and small business owners in Australia. But to claim, you’ve got to keep records. No records = no deductions.
SEE MORE: Tradie Tough Tests
On top of that, understanding how much your vehicle is actually costing you per month and finding pay-by-the-month options for your expenses can be really handy for cashflow and record keeping – like Truck Assist; providing truck, machinery and equipment cover built for tradies, with monthly payment options to help keep your business moving and manage your cashflow. Check it out here.
What to track
You don’t have to be a bookkeeper, but try to capture these key expenses:
- Fuel: Use your fuel card or take a photo of every receipt.
- Servicing and repairs: Even the small stuff like wipers or tyres counts.
- Registration: Annual costs can be set up as recurring entries.
- Loan repayments or lease costs: If your vehicle is financed
- Tolls and parking: Especially if you’re driving across job sites
Bonus tip: If you use your vehicle for both work and personal, you’ll need to keep a logbook for 12 weeks every five years to prove the work percentage. The ATO has handy guides on this.
Make it a habit, not a hassle
Set a weekly reminder to log any new expenses while they’re fresh. If you’ve got a partner or bookkeeper helping with admin, make sure they’re using the same system. And if you’ve got an accountant, ask them what records they actually need – there’s no point overcomplicating it.
Final word
You don’t have to be a numbers person to stay on top of your vehicle expenses. With the right tools and a few minutes each week, you can keep things simple, save time, and make sure you’re not leaving money on the table at tax time.
And if you’re keen to know more about pay-by-the-month options for specialist truck insurance & roadside – hit up www.truckassist.com.au and get an online quote in minutes today.