The ATO are issuing penalty notices

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Did you know that the ATO are issuing 30-40 penalty notices a day and this is rising?

That is 30-40 director penalty notices every business day and the ATO have begun referring taxpayers to credit agencies as it steps up debt collection post COVID.

The ATO have sent letters of action, unless the director took immediate steps to address the company’s obligations.

The ATO has expected that there will be a number of insolvencies to occur over the coming months as the economy normalizes. The ATO definitely helped businesses facing challenges during the early period of COVID, but now are back at shifting their focus on debt collection.

The ATO announced that 20,000 taxpayers have already responded to the awareness letters by making payments or entering into payment plans.

If you are one of these people, don’t stick your head in the sand, even if you cannot pay the full amount owed straight away.

It’s not worth the penalties, give me a call and I can help you and setup appropriate payment arrangements.

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

Removing the $450 per month threshold for super guarantee eligibility

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This information has been taken from the ATO website.

https://www.ato.gov.au/General/New-legislation/In-detail/Super/Removing-the-$450-per-month-threshold-for-superannuation-guarantee-eligibility/

‘On 11 May 2021, as part of the 2021–22 federal Budget, the Australian Government announced it will 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.

We will work with digital service providers to assist them in updating their payroll and accounting software to be ready for this change.

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.

We will update our advice and guidance, including online tools and calculators on 1 July 2022 to account for this change.’

In other words, From 1 July 2022, the $450 per month threshold for super guarantee eligibility will be removed.

If you would like any further information, please contact Maree 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

Did you know the ATO can cancel your ABN?

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If you are a business owner and you have an Active ABN and are behind in your Tax and / or BAS lodgements, call Maree and let her help you catch up, otherwise the ATO will think you are inactive and cancel your ABN.

…and believe me, the ATO does cancel ABN’s.

Do you really want that to happen to you, because you have got behind in your Tax and or BAS lodgements?

Did you know the ATO are currently undertaking a program reviewing all Australian Business Numbers (ABNs) to identify those that are potentially inactive and in need of cancellation?
The ATO may select an ABN for review and potential cancellation if:
• that ABN has not reported business activity in a tax return;
• there are no signs of business activity in other lodgements such as activity statements; or
• there are no signs of business activity from other third-party information which the ATO has access to.

Call me today 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

Have you completed your TAX return or are you putting it off in the too hard basket?

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Are you like many people out there thinking, oh I can leave it to next year to do my Tax Return, but you keep putting it off? I hear this all the time. I realise time is precious and it certainly is with the way the world has been in the last 18 months, but you should never put off doing your Tax Return.

You may have employees?

You may be behind in your BAS?

You may be behind in general with all your paperwork.

That’s where Maree can come in, she can pick up where you are, finish everything and do assist with your Tax to submit.

Doesn’t that sound pretty good?

If this is you, then give Maree a call today.

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

You don’t want to receive a Final Demand letter from the ATO

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If you have any outstanding lodgements, the ATO will send you a final demand letter which normally will say something along the lines of that you will be even fined or could go to jail.

Yes, you don’t want to ever receive a final demand letter from the ATO.

If this sounds like you and you need help getting back on track, Maree can help you. If you are behind in your paperwork and the ATO have not sent the letter – yet, you don’t want to wait for that letter to come in the mail. Now is the time to contact Maree.

Maree calls these kind of clients ‘rescue clients’ because that is what Maree is doing, rescuing you from the ATO.
Contact her today 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

Reminder that Superannuation is now 10% commencing 1st July 2021

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Also don’t forget that STP (Single Touch Payroll) is compulsory, this has been a legal requirement for 2 years.

‘The Superannuation Guarantee (SG) rate as currently legislated will increase from 9.5% to 10% with effect from 1 July 2021 with further increases of 0.5% per year to come from 1 July 2022 until it reaches 12% from 1 July 2025 onwards. The SG rate increases were not affected by the 2021-22 Federal Budget’

Are you up to date for all your employees?

Do you need help?

If so, please do not hesitate to call 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

Did you know there has been an Annual Wage Review starting 1st July 2021?

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Check out this link for more information.

https://www.fairwork.gov.au/about-us/news-and-media-releases/website-news/annual-wage-review-2021?fbclid=IwAR20Iq3Ay5_uV8rRZW9lSeYY1aiiNmH5L2nxvQ4B3PfmhrJsUveax3ReREg

I’m sure you want to know who does the increase apply to?

Well, it applies to anyone who is paid minimum award wages or the national minimum wage. If you are a business with staff, the awards have changed. For anyone that is not covered by an award or an agreement, the new national minimum wage is $772.60 per week or $20.33 per hour.

When does the increase start you may ask?

The new national minimum wage applies from your first full pay period on or after 1st July 2021.

There is also an increase to the Super guarantee for all eligible employees from 1st July 2021.

If you are confused and need a helping hand, please contact me direct.

Maree Punzet
Maree’s Mobile Bookkeeping
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

The ATO is permanently launching the small business dispute resolution service

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If you didn’t already know, but the ATO has announced its small business independent review service. It will be a permanent service, following a successful pilot stretching several years.
This service will be available for eligible small businesses with an annual turnover of less than $10million. This service will help businesses with disputes about income tax, GST, excise, luxury car tax, wine equalisation tax and fuel tax credits.

You might be asking, what about disputes about employer obligations for instance superannuation; & fringe benefits tax are not eligible for the independent review service. This independent review service is available to eligible small businesses in addition to other dispute options, ie lodging an objection, in-house facilitation.
The pilot program started in 2018, over 1200 or more small businesses have been offered the service. More than 180 small businesses have taken up the ATO’s offer. Since the pilot program started, those that participated found the process to be fair and independent, hence why it’s now been implemented permanently.

Personally, I think it’s a great initiative and extremely helpful to small business.

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 and saves you time to work in/on your business this makes good financial sense!!

ATO is flipping the switch on debt recovery

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As you may or may not know, taxpayers in Australia are falling behind on tax debts and lodgement obligations.

With JobKeeper coming to an end on the 28th March 2021, the program is officially over. The Tax Office has confirmed that it will now resume pursuing and enforcing debt recovery.

It has come to this stage because the ATO had been sending out letters to taxpayers in February to warn them of potential action, but many taxpayers have failed to make good on their obligations.

The debt is growing and many bookkeepers and accountants have predicted that the ATO would turn to stronger enforcement, once the JobKeeper program finished.
Even though Australia has had to ensure, bushfires, floods, COVID-19, has had a significant impact on taxpayers. What is required is for people now to get their paperwork in order and that is where I come in.

The last thing you want is the ATO on your case, we as bookkeepers and accountants have been urged from the ATO office to ensure our clients continue to lodge even if they are unable to pay, with tailored payment plans as this is still available to them.

Don’t ignore the letters from the ATO, if you are worried, please give me a call.

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 and saves you time to work in/on your business this makes good financial sense!!

It’s now December 2020 and Christmas is here, are you claiming all your business expenses?

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Probably the last thing you would be thinking about is claiming your business expenses at this time of year. But only another 6 months’ time is EOFY, so we are mid-way and it’s a great time for businesses to go through what you are claiming as a business expense.

The ATO has found that ‘around 90% of small businesses are using a registered bookkeeper/tax professional to help them with their income tax obligations. That is music to my ears as it is important for Bookkeepers like myself to make sure businesses get their tax right.

Come time to do your tax return, are you claiming all of your business expenses?

Those businesses that keep good records and invest in a good bookkeeper will be less stressed when it comes to tax time in 6 months’ time.

Enlist a professional like myself to hep you with your books and uncover more to claim as businesses expenses.

Most people know that general office stationery, cost of renting your office or business space are some common expenses that can be deducted. But here are a few more that you may not know

– Cost of running your website, including maintenance, updates, service provider fees
– Marketing and promotional activities
– Tender fees, bet you didn’t know that, (even though that didn’t have a successful outcome)
– PR related expenses
– Parking related fees

Just to name a few.

Then if you operate and run a car for your business, you are also entitled to receive deductions.

If your business operates under a company or a trust there are additional motor vehicle claims as well.

But a few you can claim ie
– Registration
– Oil & Fuel
– Depreciation
– Interest on motor vehicle loans

Then there is repairs an maintenance on business machinery, tools, travel expenses for meals, parking, road tolls, fuel etc the list goes on and if you operate from home like many are now doing since COVID, you have home office cleaning expenses, percentage of phone and internet, stationery, home office equipment.

Give me a call, let me help you, so in six months’ time you won’t be stressed.

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!!

What Happens If You Overclaim on Tax?

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It is always in your best interest to deduct the maximum amount your entitled, but deliberate attempts to overclaim can definitely attract harsh penalties from the ATO.

Up to 75% of the claim.

The ATO are cracking down on work-related expenses and rental claims as more and more people are working from home.

More people are overclaiming rental expenses, claims for cars, travel, internet and mobile phones.

Records should be kept for the following and remember by tax law you need to keep your tax receipts for 5 years.

These are the following plus always good to keep a electronic copy as paper receipts do tend to fade.

  • sales receipts
  • expense invoices
  • credit card statements
  • bank statements
  • employee records (wages, super, tax declarations, contracts)
  • vehicle records
  • lists of debtors and creditors
  • asset purchases.

Don’t overclaim on tax and if you are stuck what you can and cannot claim, please 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!!

Are you behind in your Bookkeeping?

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Are you needing help?

Are you behind in your bookkeeping Lodgements?

Many times, I have what you call, RESCUE JOBS.

Rescue jobs are those clients who have come to me with more then three months work that is behind.

For example, if you are in the following situation, then you are a rescue job

  1. Behind in your tax return lodgements
  2. Behind in your Superannuation contributions
  3. You haven’t lodged any BAS for months or even years

If this is you, I can definitely help you.

Many business owners are fearful that because they have put off their lodgements that they fear they will receive a HUGE BILL from the ATO.

Unfortunately, even though you probably will have a huge bill to pay, you may also receive penalties on top of what you owe for every quarter overdue in you haven’t lodged every quarter.

It can really add up.

Don’t take the mental burden of being behind in your obligations and let me look after your reporting, your BAS and your Tax Returns and everything in between.

It just takes one phone call to 0429 363 047 to rescue you.

Call me today.

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 ATO has issued a reminder to businesses who may be subject to penalties for missing October 2020 deadline to fulfil their Superannuation Guarantee Obligations

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Don’t be one of those businesses that is subject to penalties.

By law, the ATO has advised and reminded businesses they cannot extend the due date to pay superannuation.

If you have already missed the 28th October deadline to pay your quarterly SG contributions, you will need to lodge a superannuation guarantee by the 28th November 2020 to avoid penalties, after this date you will incur the penalties and believe me you don’t want to miss the deadline.

‘The ATO noted the superannuation guarantee charge is different to the regular contributions businesses pay and is made up of SG shortfall amounts, interest on those amounts (currently 10 per cent) and an administration fee of $20 per employee per quarter’

If you need assistance now, then please give me a call 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!!

 

The ATO is warning businesses to stay up to date with their obligations

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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

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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 COVID-19 pandemic is having a wider economic impact then just financially, the concern is the mental health of small business owners

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https://www.mybusiness.com.au/human-resources/7156-covid-19-wreaking-havoc-on-small-business-mental-health?utm_source=MyBusiness&utm_campaign=14_07_20&utm_medium=email&utm_content=2&utm_emailID=a4e9c39a71c818b32f3ea4e19578eb08e4c1bb37f2731e2f53df0320a967ae57

Many businesses according to recent research is showing that one of the highest related challenges is mental health, followed by financial concerns due to cash flow.

Due to the COVID-19 Pandemic, many small businesses are feeling the direct impact of this pandemic with one in five business owners suffering from stress, anxiety and some have those owners are also suffering from depression.

“Businesses whose owners and operators are aged between 18 and 39 were most likely to agree that they had felt anxiety or stress (68 per cent agreed).”

The survey found retail and hospitality businesses were most likely to state the key business-related cause of mental health challenges was the COVID-19 pandemic and its economic impact (46 per cent)”

With the possibility of the Jobkeeper to be reduced or removed after September, this will have a direct impact on small business owners finances and cash flow, which will flow on to their mental wellbeing.

If you are going through a tough time at present, there are companies like Lifeline on 13 11 44 who help in Crisis Support.

Even though I am a Bookkeeper, I am speaking regularly with my clients who are going through hardship and anxiety. Not that I am a Counsellor, but if you have any concerns relating to your financial circumstances, I am only a phone call away.

Maree Punzet – Marees Mobile Bookkeeping
M: 0429 363 047
W: www.mareesmobilebookkeeping.com.au

The Fair Work Ombudsman is prioritizing COVID-19 workplace disruptions which include the Job keeper payment compliance

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What that means is over the next 12 months, the Fair Work Ombudsman (FWO) are reviewing any underpayments in large corporations.

‘Fair Work Ombudsman Sandra Parker has confirmed that Aussie workplaces can expect a degree of flexibility in the FWO’s enforcement approach in the new financial year, especially those sectors heavily impacted by the coronavirus crisis’

There have been many sectors within the Australian economy that have been seriously impacted by COVID-19. The FWO will enforce workplaces of their financial positions and review the challenges each are facing whilst recovering from the health disruption. The FWO are trying to uphold the integrity of the Jobkeeper scheme through these appropriate compliance activities.

“Due to the impact of COVID-19 on Australian workplaces, the number of employers and employees seeking our assistance has grown significantly,” Ms Parker said.

“More than 60 businesses have come forward to self-disclose workplace law breaches, with a total of half a billion dollars owed to workers — and that’s just what we know about,” Ms Parker said’

In other words, many large organisations in Australia need to prioritise and review workplace relations systems to ensure their paying workers are receiving the entitlements. Areas such as the fast food industry, cafes, restaurants, horticulture sector, franchisors and sham contracting.

‘Ms Parker did, however, explain that the agency will provide education, advice, tools and resources to small business and those hardest hit by COVID-19’

The FWO will take into account those businesses and their financial circumstances.

Excerpts taken from https://www.fairwork.gov.au/about-us/news-and-media-releases/2020-media-releases/july-2020/20200713-media-release-2020-21-priorities

If you have any questions or queries, please do not hesitate to contact me direct on 0429 363 047.

Maree Puznet
Marees Mobile Bookkeeping
www.mareesmobilebookkeeping.com.au

Watch Out!!! The ATO is chasing those Job Keeper cheaters

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https://www.news.com.au/finance/money/how-jobkeeper-cheats-will-get-caught-by-atos-allseeing-eye/news-story/ad0f088e04a423634100f21028ea5aa6

It makes you wonder how many businesses out there that are doing the wrong thing and so many are really in financial hardship.

Stories of people turning down business, claiming for payment for family members who don’t actually work within the business or full time workers who have not lost any hours, but still are claiming the Job keeper illegally.

It makes you think how this is going to affect our country, not only now, but years and years down the track. This money has to be repaid back, it’s not just the taxpayers, but our children and grandchildren who will suffer.

I just hope the ATO are able to chase the cheaters.

But if you yourself are not 100% sure that your legally entitled to Job keeper, then please contact me and we can go through everything, or if you know of anyone that is reporting illegally, the ATO have a Tip Off line on 1800 060 062.

Otherwise, call me on 0429 363 047 and we can go through this together.

Maree Punzet
Maree’s Mobile Bookkeeping | Over 20 years Bookkeeping experience | Qualified BAS Agent
M: 0429 363 047
www.mareesmobilebookkeeping.com.au

 

ATO to begin Debt Collection in September 2020

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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

Do you know what TPAR is?

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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

  1. ABN (Australian Business Number)
  2. The person’s name and address
  3. 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.

  1. Cleaning
  2. Building & Construction Industry
  3. Courier/road freight/delivery
  4. IT (Information Technology)
  5. 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

Why Maree is your go to Bookkeeper during the COVID-19 Crisis!

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Bookkeepers are like gems because they know all the in/outs when it comes to bookkeeping and especially now during the COVID-19 Crisis. Maree has been working in this area for over 20 years and helps many businesses.

She has recently found that many clients have outstanding GST and / or Tax returns and have totally forgotten because of the upheaval of COVID-19. Does that sound like you? Well she doesn’t want to scare you, but this could mean you will miss out on your Government Stimulus…

What?

Even if you are not behind, maybe your current advisor is keeping you in the dark and not assisting you with what you may or may not be entitled too.

Did you know you need to make sure you have current up to date financials to apply for grants/loans?

You need current up to date financials to apply for grants/loans, so this is an opportune time as things may be a bit quieter for you to outsource so when business gets back to normal you are ready to hit the ground running.

If you need assistance, don’t hesitate to give Maree a call. Having a Bookkeeper is an asset, not an expense, so why wouldn’t you!!!

Maree Punzet
Maree’s Mobile Bookkeeping
0429 363 047

 

COVID-19 CRISIS Do you really want to withdraw your Superannuation early, the Government has allowed early access?

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https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/early-access-to-your-super/?anchor=Compassionategrounds#Compassionategrounds

The Government has allowed early release of Superannuation, allowing individuals affected by COVID-19 to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21.

The best thing is, that individuals will not need to pay tax on amounts released and it won’t affect payments such as Centrelink or Veteran Affairs payments. The dates the Government has imposed for the first amount you can apply from mid-April up to before 1st July 2020, the further $10,000 you can access from 1st July 2020 until 24th September 2020, after that it will not be available.

So, there are a couple of requirements though, they are:

  • If you are unemployed
  • You are eligible to receive a job seeker payment, youth allowance, parenting payment (including those on single and partnered payments) special benefit or farm household allowance.
  • Or you have been made redundant
  • Your working hours have been reduced more than 20% or more
  • If you are a sole trader and your business has either suspended or there was a reduction in your turnover of 20% or more

But is it wise to actually access your superannuation? It really comes down to case by case, but remember, once it’s taken, that $20,000 will take some time to build again into your Superannuation fund, so it’s food for thought.

Maree Punzet
Maree’s Mobile Bookkeeping | Over 20 years Bookkeeping experience | Qualified BAS Agent
M: 0429 363 047
www.mareesmobilebookkeeping.com.au

Information about the Instant Asset Write off and what these changes mean to you

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https://www.business.gov.au/risk-management/emergency-management/coronavirus-information-and-support-for-business/instant-asset-write-off

This link is really important, so a good one to read in more detail. But basically, in a nutshell the instant asset write-off threshold has been increased from $30,000 to $150,000 and expanded to include those businesses with an annual turnover of less than $500 million, up from 50 mil. It came into effect from 12 March 2020 until 30 June 2020.

The best way to apply is you need to check your business’s eligibility and ensure you apply the correct threshold amount as stated by the ATO.

Now, if you are totally confused about this or need assistance, then give me a call anytime on 0429 363 047, I’ll definitely be able to help you as I’m getting a number of calls from clients.

Maree Punzet
Maree’s Mobile Bookkeeping
0429 363 047
Qualified BAS agent with over 20 years Bookkeeping experience
www.mareesmobilebookkeeping.com.au

 

COVID-19 CRISIS, remember there are other things to consider!

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Apart from making sure you are healthy and in self-isolation and following good hygiene practices, when it comes to your business, there are a few important things to consider.

  1. Superannuation is still payable and due, so consider paying superannuation each pay run, or monthly to ensure better cashflow
  2. Ensure your supplier payments are all paid and up to date
  3. If you can, pre-pay your electricity, rent, mortgages and phone bills, whilst you can for at least 3 months in advance
  4. Talk to your staff daily, ease their mind, plan for the now and the future. Organise staff to work from home if possible.
  5. If you have staff in the office, make sure that staff are practicing good hygiene habits
  6. Review what you have in the bank to pay your liabilities at least for 2 months including wages
  7. Ensure to review staff entitlements if they do need to self-isolate
  8. Diversify your business, it may be easier than you think! What can you do differently but still operate your business? What other services can you offer
  9. Talk to your Finance Providers. What deferrals or loan reductions could they put in place for you today?
  10. Get the right information from the ATO Link, Fair Work and Department of Health
  11. Minimise as much as possible customer contact
  12. Review your business insurance and make sure you are covered
  13. Seek other suppliers within Australia if you have been sourcing previously from overseas.
  14. Review your Business insurance to see what you are and are not covered for.

Maree’s Mobile Bookkeeping can assist in the following areas

  1. Provide assistance with communicating with the ATO – assistance with payment plans, deferrals
  2. Help communicating with suppliers about deferring payments or putting payment plans in place
  3. Review your expenses
  4. Chase outstanding debts
  5. cash flow analysis planning know what’s coming in and out
  6. Understanding HR obligations
  7. Bookkeeping and BAS requirements
  8. Stay on top of your bookkeeping is now more important than ever before

If you need any help with any of the above or anything else my contact details are below.

Maree Punzet
Maree’s Mobile Bookkeeping | Over 20 years Bookkeeping experience | Qualified BAS Agent
M: 0429 363 047
www.mareesmobilebookkeeping.com.au

The ATO are looking at offering small business tax relief in response to the coronavirus

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https://www.smartcompany.com.au/finance/tax/coronavirus-tax-relief-ato/

This couldn’t come sooner!

Small business seems to miss out all the time.

I for one am a small business and I work with many clients that are also sole traders, small business.

The ATO are now looking at offering this area of the workforce (which is the backbone of the Australian economy) a tax relief in the light of the coronavirus.

To help small businesses they are looking at providing tax relief in the form of payment deferrals and access to goods and services tax refunds much faster than in the past.

By the most updated news it looks to include a four-month deferral for payments of amounts due through BAS (including PAYG installments), income tax assessments, fringe benefits tax assessments and excise. So that is definitely a positive in the right direction.

The ATO are trying to help businesses to assist them through this difficult time of uncertainty and I applaud them for what they are trying to do to ease the pressure.

If you need help or just want someone to talk too, to discuss your needs and help you through the different steps, then do not hesitate to contact me directly on 0429 363 047.

Maree Punzet
Maree’s Mobile Bookkeeping
0429 363 047
Qualified BAS agent with over 20 years Bookkeeping experience
www.mareesmobilebookkeeping.com.au

Superannuation Guarantee and what that means for you

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The Government has given employers a deadline of until 7 September 2020 to disclose any superannuation guarantee shortfalls before increased penalties apply.

You can also check the ATO’s website  to find out more what employers are required to complete.

‘The amnesty allows employers to claim tax deductions for payments of SG charge or contributions made during the amnesty period to offset SG charge, as well as remove the administrative component and the Part 7 penalty that may otherwise apply in relation to SG non-compliance’.

‘Around 7,000 employers have since come forward to voluntarily disclose historical unpaid super since the amnesty was first announced on 24 May 2018.

Treasury estimates an additional 7,000 employers will come forward during the six-month amnesty period, returning $230 million of superannuation to employees who may have otherwise completely missed out’

Now if this sounds confusing, then give me a call directly on 0429 363 047.

Maree Punzet
Maree’s Mobile Bookkeeping
0429 363 047
Qualified BAS agent with over 20 years Bookkeeping experience
www.mareesmobilebookkeeping.com.au

Could the ATO be coming after you?

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Are you one of those people that are behind in their GST and or Tax obligations, and think the ATO wont chase you or you just keep putting in the too hard basket.

Our team has received over 15 calls in the last 2 days chasing clients with outstanding lodgments and or debts.  Even with the threat of the Corona virus, we are still receiving calls from clients and we thought things would quieten down, so the ATO will come after you, no matter what.

Do you have outstanding GST and or Tax lodgments overdue?  I can definitely help you get on top of things.  Don’t wait for the ATO to send you a letter to say you need to catch up on your outstanding lodgments I can help you get on top of this before they contact you. But don’t delay and contact me today 0429 363 047.

Maree Punzet
Maree’s Mobile Bookkeeping
0429 363 047
Qualified BAS agent with over 20 years Bookkeeping experience
www.mareesmobilebookkeeping.com.au