Mastering Year-End Asset Audits for Tradies
7 August 2026 · 5 min read · By Heaney Accounting
Why perform an asset audit?
Many trade businesses lose money simply by forgetting what equipment they own, have sold, or have had stolen. A physical audit ensures your records reflect the reality of your gear, making tax time far less stressful.
Steps to audit your gear
- Collate your current asset register from your accounting software.
- Perform a physical count of every tool, vehicle, and piece of machinery in your shed or vans.
- Identify items that are broken, sold, or missing.
- Cross-reference your count against the register to see what needs to be written off.
Pro Tip: If you sold an old mixer or work ute, ensure it is marked as 'disposed' in your books so you do not claim depreciation on items you no longer own.
Once your register is cleaned up, it provides a much clearer picture of your business's true net worth and helps you plan for future upgrades or replacements.
Try the related tools
Found this useful?
Get each new guide by email as it's published. No spam, no lock-in.