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 year draws to a close, I want to express my heartfelt gratitude to my clients, referral partners, friends and family. Your support has been invaluable as I've worked to help small businesses and individuals reclaim their time and pursue their passions.

I wish you a joyous holiday season and a prosperous New Year!

Over the holidays, I'm looking forward to celebrating with loved ones, enjoying some outdoor time camping, and exploring the beautiful landscapes of New Zealand.

I'll be back on January 13th. Let's work together to make 2025 a successful year.

In this newsletter, I've highlighted three crucial areas to focus on to prepare for a prosperous 2025. For employers, I've also compiled a list of tax-smart ways to show your appreciation to your staff. 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!

Festive Season Tax Tips
 

Recharge and Refocus: A Pre-Holiday Checklist

As the holiday season approaches, it’s the perfect time to take a step back and prioritise your mental and emotional well-being. As your trusted accounting partner, I've compiled a pre-holiday checklist to help you ensure a successful and stress-free holiday season. Read more

Planning Ahead: Setting New Year's Goals

Here are some tips to help you set effective business goals for 2025:

1. Reflect on the Past Year:

   • Review your business's performance in 2024.

   • Identify successes and areas for improvement.

   • Learn from mistakes and celebrate achievements.

2. Set SMART Goals:

   • Specific: Clearly define your goals.

   • Measurable: Set quantifiable targets.

   • Achievable: Ensure your goals are realistic.

   • Relevant: Align your goals with your overall business strategy.

   • Time-bound: Set deadlines for each goal.

3. Prioritise Your Goals:

   • Focus on a few key areas for improvement.

   • Avoid overloading yourself with too many goals.

4. Create an Action Plan:

   • Break down your goals into smaller, actionable steps.

   • Assign responsibilities and deadlines.

   • Regularly review and adjust your plan as needed.

5. Seek Professional Advice:

   • Consult with me to discuss your financial goals and strategies.

   • Consider hiring a business coach to provide guidance and support.

By following these tips, you can set and achieve meaningful goals for your business in 2025.

Cash Flow and ATO Compliance: A Small Business Guide

Effective cash flow management is crucial for small businesses to thrive. However, meeting ATO obligations like GST, PAYG, and superannuation can be challenging. Non-compliance can lead to significant penalties.

To ensure smooth financial operations, consider these strategies:

• Prioritise ATO Payments: Set aside funds specifically for ATO liabilities to avoid unexpected financial burdens.

• Stay Updated on ATO Regulations: Remain informed of evolving tax legislation and regulations.

• Implement Strong Cybersecurity Measures: Protect your business from cyber threats by regularly backing up data and having a robust incident response plan.

By taking these steps, small businesses can mitigate financial risks and focus on growth.

Tax-Effective Gift Giving for Your Staff

Do you want to reward your staff this holiday season without breaking the tax rules? Here are some tax-friendly gift ideas:

1. Minor Benefits:

   • Non-cash gifts under $300 per employee (e.g., hampers, gift cards, or vouchers) are generally exempt from Fringe Benefits Tax (FBT).

   • On-site work Christmas parties can be exempt from FBT and are tax-deductible.

   • Off-site parties costing less than $300 per person may also be exempt.

2. Long-Term Benefits:

   • Additional superannuation contributions can be a tax-effective way to reward employees. However, consider the potential impact on their overall tax and benefit situation.

   • Work-related gifts like training courses or office equipment may be FBT-exempt.

Remember to consult with Tru Advisory to ensure your specific circumstances comply with tax regulations.

Inspiring Quotes

"Gifts of time and love are surely the basic ingredients of a truly Merry Christmas.” – Peg Bracken.

"It is not in the stars to hold our destiny but in ourselves." – William Shakespeare.

Latest Adventures

I attended VAPN: "Breaking New Ground" event, it was incredible to hear inspirational leaders and be amongst the Vietnamese Australian Professional Network. Speakers included:

- Thanh Truong: Director at Aus Asia Produce, Asian Fruiterer and Produce Expert/ Fruit Nerd, TV Personality, Author.

- Oanh Tran: First Vietnamese Australian Fair Work Commissioner - Australia's workplace tribunal.

- Lisa Nguyen: Australian trained Pharmacist, Award Winning Founder and CEO of Astrid Dispensary.

I'm currently reading "The Seven Husbands of Evelyn Hugo" by Taylor Jenkins Reid. It's a fascinating dive into the glamorous and scandalous world of Hollywood’s golden age. Though I haven't finished it yet, I'm already captivated by Evelyn's extraordinary life and the insights into the industry. I'm looking forward to diving deeper into this intriguing tale over the holiday break.

I hosted a successful summer BBQ lunch with some friends which included a yummy white sangria (which I love from my travel in Barcelona), garlic butter grilled prawns, grilled chicken, and lamb with chimichurri sauce. All in all, a great day of food, fun, and friendship. Hope this makes your mouth water!