Bookkeeping Blog
Advice and tips for Australian Businesses
ATO to begin Debt Collection in September 2020
Don’t get too excited as the ATO has cautioned that it has its eyes out and will be starting the debt collection restart.
The ATO are looking at recommencing the debt and lodgement intervention in September after it hit a pause earlier this year due to COVID-19
It will be a bit of a cliff-hanger if the government stimulus package such as Job Keeper comes to an end. They are calling it the September ‘cliff’
The ATO are focusing on small business which is currently the majority of tax debts, which hit $16.5 billion in the 2018-2019 financial year.
Did you know that almost one in five small businesses entered into a payment plan with the ATO during this time?
If you are needing assistance and need to get on top of your books before the ATO comes knocking, then contact Maree today.
Maree Punzet
Maree’s Mobile Bookkeeping | Over 20 years Bookkeeping experience | Qualified BAS Agent
M: 0429 363 047
www.mareesmobilebookkeeping.com.au
What’s your thoughts on the minimum wage rise?
This excerpt is from the Sydney Morning Herald
‘Workers on the minimum wage will earn $753.80 a week, or $19.84 an hour after the rise, but employees in the sectors hardest hit by the coronavirus, including tourism and aviation, will have their wage increase delayed until February. Healthcare and other essential workers will get their rise in July while the rest of the workforce will have a pay boost in November. The wage increase also affects 2.2 million employees on industry awards tied to the minimum wage’
These are the industries that the minimum wage will affect.
Minimum wage increases by industry
From July 1 — frontline worker:
-
- Frontline health care and social assistance
- Teaching and child care
- Other essential services
- From November 1 — most industries:
- Construction
- Manufacturing
- Most other industries
- From February 1, 2021 — hardest-hit industries:
- Accommodation
- Arts and recreation
- Aviation
- Retail
- Tourism
Does this affect you as a business owner and do you have a business in any of these industries?
If you are not sure if you are paying the correct rates or paying your employees the correct award, let Maree help you today.
Maree Punzet
Maree’s Mobile Bookkeeping | Over 20 years Bookkeeping experience | Qualified BAS Agent
M: 0429 363 047
www.mareesmobilebookkeeping.com.au
Do you know what TPAR is?
TPAR stands for Taxable Payment Annual Report.
In a nutshell TPAR tells us about payments that are made to contractors for providing services.
When you think contractors, these can include consultants, independent contractors, subcontractors, they can be operating as sole traders (individuals), companies, partnerships or trusts.
When you look at the report which is generally found on the invoice you receive, it should have the following
- ABN (Australian Business Number)
- The person’s name and address
- The gross amount you paid to them, for the financial year (including any GST)
The ATO will use this information to identify the contractor/s who may have not met their tax obligations, hence why this report is so important.
If your business falls under one of these categories.
- Cleaning
- Building & Construction Industry
- Courier/road freight/delivery
- IT (Information Technology)
- Security, surveillance & investigation
If you have a business under one of these categories, they you may need to lodge a Taxable Payments Annual Report (TPAR), under the taxable payment reporting system (TPRS), by the 28th August 2020.
If your business is offering new or expanded services (as listed), due to the response of COVID-19 and the restrictions implied and you have been paying contractors to provide these services, then if you do not lodge your TPAR, the ATO can penalise for late or non-lodgement.
That is why it’s so important to make sure this is completed within the due date.
If you are concerned or need assistance, Maree is a Registered BAS agent and can lodge your TPAR.
Maree Punzet
Maree’s Mobile Bookkeeping | Over 20 years Bookkeeping experience | Qualified BAS Agent
M: 0429 363 047
www.mareesmobilebookkeeping.com.au
