Insights
Insights & Updates
Tax, compliance and business advisory updates from the TNFG team — practical, plain-English, and specific to running a business in the Macedon Ranges.
Tax Deductions Tips & TricksStage 3 Tax Cuts and Compliance Changes from 1 July 2024
Tax Changes FY25 We provide you a summary of all the enacted legislation that comes into effect from 1 July 2024, these changes vary to apply to individuals, businesses, welfare recipients among others. Stage 3 tax cuts After being enacted with amendments by the Labor government, the stage 3 tax cut
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Understanding Your Business SeriesUnderstanding Your Business: How to Find Your Ideal Customer
Finding your ideal customer In this series, we will see how three questions for business success are approached and provide some practical tools and techniques for the SME owner to answer them. Since businesses have been in existence, these three questions have perplexed most of their owners. Before
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Understanding Your Business SeriesUnderstanding Your Business: Avoiding 5 Common Accounting Mistakes
5 common accounting mistakes Starting a business can be a challenging experience, especially when it comes to managing your numbers and staying on top of your financial management. Unless you’ve got some experience in finance, the bookkeeping and accounting requirements can be quite daunting. And ev
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Gisborne Small BusinessInstant asset write-off extended for small business
Instant asset write-off extended for purchases <$20,000. As part of the 2024 Federal Budget, the Federal government has announced a one year extension to the increase in the instant asset write-off threshold to $20,000 (yes that is a very cheap digger on the left...) With the temporary threshold inc
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Gisborne Small BusinessFBT record-keeping simplification - determinations finalised
Simplified FBT record keeping obligations. First announced in the 2020–21 Federal Budget, a bill introducing legislative amendments aiming to simplify FBT record keeping obligations received royal assent on 23 June 2023. Before the enactment of this measure, you were required to obtain and maintain
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2024–25 Federal Budget Highlights
FY24-25 Federal Budget Highlights The Federal Treasurer, Dr Jim Chalmers, handed down the 2024–25 Federal Budget at 7:30 pm (AEST) on 14 May 2024. Described as a “responsible Budget that helps people under pressure today”, the Treasurer has forecast a second consecutive surplus of $9.3 billion. The
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Gisborne Small BusinessCritical Tax Deadlines: What to Expect in May and June
May & June Tax Deadlines In order for you to be across all your tax obligations, we have summarised all the key compliance dates for May & June for you to diarise. We can't stress this enough - make sure these lodgements are up to date to avoid any interest and penalties. If you have questions or ne
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How to Maximize Your Working from Home Expenses for the 2023-24 Income Year
How to claim your working from home expenses. A taxpayer who carries on part or all their business or employment activities at home may be entitled to a deduction for part of their outgoings related to working from home. There are two ways to calculate a work from home deduction: Fixed rate method F
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Tax Deductions Tips & TricksTax planning helps you do more with your money
Legally minimise your tax liability with tax planning. Tax planning is a strategic approach to managing your business’ financial affairs, with the aim of legally minimising your tax liability. In other words, you plan ahead to make sure you pay the taxes you should be paying, but not a penny more. W
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Understanding Your Business SeriesUnderstanding Your Business Series - Demystifying Cashflow vs. Profit: What Every Business Owner Needs to Know
Key Differences between Cashflow and Profit for Your Business The foundational goal of any business is to make a profit. As a business owner, that’s one of your key financial aims – to make enough sales, at a big enough margin, to generate profit from your enterprise. But how does profit differ from
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Understanding Your Business Series - Our guide to business credit scores
Guide to business credit scores
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Gisborne Small BusinessUnderstanding Your Business Series: 5 Ways Your Business Can Access Funding
Accessing funding If you’re planning to start a new business, you’ll need enough start-up capital to get this venture off the ground. And once you’re up and running, you’ll need additional business finance and investment at each stage of your growth and expansion along the business journey. But wher
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