Bookkeeping Blog
Advice and tips for Australian Businesses
The ATO is warning businesses to stay up to date with their obligations
The ATO have been sending out notices to all businesses, warning them that if they are not staying up to date with their obligations, that is may in fact impact their eligibility for future stimulus measures.
In short, they are saying that businesses who are doing well need to resume their obligations whilst those that are facing ongoing hardship are encouraged to get in contact with the ATO.
Since September 1st 2020, the ATO has stopped providing blanket extensions to small business audit cases. The ATO have also recommended activity where the business is either not adversely impacted by COVID or is now in a position to progress.
If you need some help in this area, please do not hesitate to contact me direct on 0429 363 047.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring. When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!
Don’t be caught out underpaying staff
Are you aware that changes are happening from the 1st November 2020 to Award Wages, if you don’t you need to read below?
Did you know that the award minimum wages for Group 2 Modern Awards has actually increased by 1.75% from 1st November 2020? The increase in this wage will have a flow on effect to all businesses with loading, penalties, allowance and also overtime payments.
So as a business owner, you should take the steps to ensure wages are compliant with the November 2020 Modern Award increase.
I’ve noticed sometimes businesses never deliberately underpay, so normally it’s a lack of attention or oversight.
Remember to also review any of your ‘all-inclusive’ pay arrangements for employees covered by this Group 2 Modern Award. It’s important to know that employees who receive an all-inclusive salary, that the increase to the minimum rate may affect that of the all-inclusive salary, so make sure you check by going through the employee’s awards entitlements by reference to their actual hours of work.
Now if that sounds all too confusing, please give me a call on 0429 363 047 to have a look through.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring. When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!
The Budget 2020, what’s in it for SME’s?
Check out this link for further info, but the Budget 2020 was an interesting one.
https://www.mybusiness.com.au/finance/7527-budget-2020-what-s-included-for-smes?utm_source=MyBusiness&utm_campaign=06_10_2020&utm_medium=email&utm_content=1&utm_emailID=
There were a mixture of Tax Concessions, JobMaker hiring, whereby if a business hires a young job seeker aged 16-35 they will receive a JobMaker hiring credit of $200.00 per week for every new worker and $100.00 a week if they hire a new person aged 30 to 35 years. This is payable for the next 12 months, if that new person works at least 20 hours per week.
The other one I found particularly interesting was the $800m digital plan, to push businesses to adopt digital technologies post COVID.
Have a look at the link yourself and see what you think. Interesting times ahead for Australia.
Though if you are totally confused by it all, give me a call direct on 0429 363 047.
Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring. When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!
