Thanks for reading Tru Insights.

I'm Nicole Tru. 

I run a Chartered Accountant firm, Tru Advisory, where I provide tax and collaborative accounting solutions to small and medium businesses and individuals to help them gain back time to do what they love.

As the days get warmer and longer in October, I'm walking to raise funds for the Royal Flying Doctor Service. If you'd like to check out my page or my team, A Few Good Eggs, I would be really grateful for your support!

In this newsletter, I'll break down the latest tax updates into easy-to-digest bites.

But that's not all - I'm also sharing some inspiring quotes to keep your spirits high,

plus a few of my latest adventures.

Let's dive in!

Tax Updates
 

Have you heard about the upcoming tax return deadline?

All taxpayers operating on a standard year with one or more prior year tax returns overdue as at 30 June 2024 must lodge their 2024 tax return by 31 October 2024.

If you are a returning Tru Advisory client, your tax return deadline is extended to 15 May 2025.

Here is one actionable tip:

If you'd like to refer a friend or family, please get in touch by 31 October to ensure they also receive the extended due date of 15 May 2025.

Tax tips for sole traders.

Did you know there's a handy 2024 tax-time toolkit for small businesses on the ATO's website?

I know that running a small business is challenging, and sometimes mistakes happen. This can include:

• Income: Reporting income from all sources, including non-cash payments.

• Expenses: Claiming only business-related expenses and avoiding personal deductions.

• Losses: Accurately calculating business losses.

• PSI: Reporting or not reporting personal services income (PSI) as required.

Tax tips for landlords.

Check out my latest blog post on rental property tax tips: a guide for landlords: read more

Businesses looking to hire new staff for the festive season?

As an employer, you'll need to make sure to remember your tax and super obligations:

• Withhold the correct amount of tax.

• Pay super guarantee (SG) on time.

• If you haven't already, start reporting through Single Touch Payroll (STP).

Inspiring Quotes

"Remember that wherever your heart is, there you will find your treasure.” – Paulo Coelho.

"Nothing in life is to be feared; it is only to be understood." – Marie Curie.

Latest Adventures

I attended Cool.org: "The Reality of Teaching" event, it was incredible to learn more about this social enterprise and their impact on teachers and students alike. The former Lord Mayor of Melbourne, Sally Capp AO's personal stories about influential teachers resonated deeply. It made me reflect on my own educational heroes.

I started reading Marie Forleo's Everything is Figureoutable. Its central theme is the idea that no problem is unsolvable; with the right mindset and strategies, anything is "figureoutable". The author's tone is as light as a feather, making the book effortless to read.

I celebrated “Ngày phụ nữ Việt Nam” – the Vietnamese Women's Day on Sunday 20 October with my mum and auntie. Whether wife, girlfriend, female relative, friend or colleague; on this day Vietnam shows his love and respect for the Vietnamese women. This joyful occasion serves as a reminder that we should continue working together toward gender equality and empowerment.