Fitness Business
The PT Tax-Time Survival Kit: How to make Next Year Less Painful
There can be a specific kind of panic that only shows up near tax time. It usually starts with a simple question like, “Where did that receipt go?” and quickly becomes a late-night search through emails, bank transactions, screenshots, gloveboxes, gym bags and that one folder on your desktop called ‘tax stuff’.
It is not because you are careless. It is because a PT business rarely runs in a straight line. Income can come from one-on-one sessions, group training, online programs, gym rent arrangements, challenges, workshops and the odd client who finally pays an old invoice from last month.
Then, there are the expenses. A course between clients. New equipment after a session. Insurance, software, travel, phone costs, marketing, and all the little purchases that happen while you are trying to keep the day moving.
So, here is your PT tax-time survival kit, to help make the next financial year easier.
Start with what actually happened
Before you rush into ‘next year will be better’, look at what happened this year: What did you earn? Where did it come from? What took the most effort? What actually made the most sense, financially?
Your income might include one-on-one sessions, group classes, online coaching, programs, challenges, workshops, affiliate income, or other fitness-related income.
The goal is not just to add everything up. It is to understand what actually worked. Which services brought in reliable income, which ones took more energy than they returned, and which parts of your business are worth backing again next year.
Tax time is annoying, yes. But it also gives you a full-year business review if you are willing to look at it properly.
Stop making receipts a future problem
Most PTs have expenses spread everywhere.
A course you paid for in September. Equipment from December. Insurance. Registration fees. Software. Gym rent. Marketing. Phone costs. Uniforms. Travel between work locations. Maybe a few things you forgot about until your bank statement reminded you.
If pulling this together was painful, that is the lesson.
The practical move is not to promise yourself you will ‘be more organised’ in future; because that usually lasts about two weeks. The better move is to set up a system that captures a record of your income and expenses as they happen. Examples of such systems could include:
- Take photos of receipts and saving them to your phone in a dedicated ‘expense receipts’ album
- Use the ATO app and save photos of expense receipts there
- Dedicate a regular time every week to enter your expenses and income into a spreadsheet
- Make use of accounting software and its features that will help you retain, monitor and/or manage your income and expenses.
And when it comes to exactly what is or isn’t deductible, do not guess. Do not copy what another trainer said in a Facebook group. And definitely do not rely on a seven-second TikTok from someone named ‘TaxBroFit’. Instead, speak to your accountant about what applies to your specific situation.
Know if a tax bill is coming before it lands
This is the part that can catch out a lot of fitness professionals and create stress.
When money lands in your account, it is easy to treat it like it is all yours. But depending on how your business is structured, tax may not have been set aside automatically during the year.
One option is to set aside a certain percentage of all income received, for tax purposes. Whilst it may not be exactly the right amount at the end of the financial year, it can help alleviate some of the tax debt stress.
You can also consider using an accounting app with an inbuilt tax estimator (e.g., ATO, Sole). This can give you early visibility over your income, expenses and likely tax position while the year is still happening, instead of after the damage is done.
Ask better questions after the end of financial year (EOFY)
A useful EOFY review is not just, “Have I got my receipts?” Better questions are:
- Did I make enough for the hours I worked?
- Did I put tax aside consistently and correctly?
- Which expenses crept up without me noticing?
- Which services made the most sense, financially?
- What would make next year less painful?
It’s worth asking these questions while the ‘pain’ is still fresh because it enables you to write it all down now, and not next June when you’ve forgotten the details. Most fitpros don’t need more admin; they need next tax time to be less of a scramble.
Get help while the pain is still fresh
The best time to fix your tax-time systems is not next June. It is while you still remember what made this year hard.
A short conversation with an accountant can help you understand what went well, what needs improving, and what systems you should put in place before the year gets busy again.
Final rep
Tax time does not need to feel like a surprise beep-test at the end of a session.
If this year felt a little messy in parts, then use that as a signal to get some clarity and smooth out your systems. Sort your expenses. Get clear on your income. Estimate tax debts or returns earlier. And speak to your accountant before the panic starts. Because the real win is not just surviving tax time. It’s building a PT business that does not need rescuing every year.
Johann Oberholzer
This article was written by Johann Oberholzer and the team at Sole, an Australian business finance and admin platform built specifically for fitness professionals. Sole helps PTs and fitpros track income, expenses, payments and tax estimates so they can spend less time wrestling spreadsheets and more time building sustainable businesses.