Bookkeeping Blog

Advice and tips for Australian Businesses

Cost of outsourcing vs time to do your own bookkeeping

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Have you considered the time it takes to do your own bookkeeping; it far outweighs the cost of outsourcing?

If you think about it….consider your hourly rate x multiply by the amount of time each week that you do bookkeeping, from payroll to BAS to entering data.

Would you think it would be 5 hours per week?

It would probably be more.

You are probably averaging at least 10 hours or more a week to bookkeeping.

If you multiply that by your hourly rate, you would be surprised the amount of money it is costing you.

Plus, are you a bookkeeper yourself?

Probably not.

Why wouldn’t you outsource to an expert?

Someone that has had over 20 years’ experience like Maree Punzet has?

Give Maree a call today 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

Removing the $450 per month threshold for super guarantee eligibility

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It was announced on 11th May 2021, part of the 2021-22 Federal Budget that the Australian Government announced it would remove the $450 per month threshold to expand coverage of super guarantee to eligible employees, regardless of their monthly pay.

‘The change is now law by the Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Act 2021External Link with royal assent on 22 February 2022.

From 1 July 2022, employers will be required to make super guarantee contributions to their eligible employee’s super fund regardless of how much the employee is paid.

Employees must still satisfy other super guarantee eligibility requirements’

Did you know employers will need to check their payroll and accounting systems have been updated for super payments made after 1 July 2022 to ensure they correctly calculate their employee’s super guarantee entitlement.

I am sure many employers have not been updated, if you need help in this area, please 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

There are penalties for overdue TPAR

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All Taxable payments annual report which stands for (TPAR) must be lodged by 28th August of each year.

If you have clients who make payments to contractors, they may also need to report these payments in a TPAR.

The ATO have applied from 23rd March 2022 that they will apply failure to lodge penalties to those who

  1. Did not lodge their TPAR in 2021 or the prior year
  2. Have already been sent three (3) non-lodgement letters about their overdue TPAR
  3. Those that did not respond to follow up phone calls about their overdue TPAR

The ATO are cracking down on clients, so don’t be surprised to receive a phone call or your clients about their overdue TPAR.

The best thing to do is remind your clients

  1. They may face penalties for an overdue TPAR
  2. They may if necessary, lodge a TPAR by 28th August each year
  3. They need to keep good records making it so much easier to prepare their TPAR

Here is the website link on how to lodge TPAR, and how to prepare, record and report.

Otherwise give me a call on 0429 363 047 and I will be able to help you.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID