If I had a little money, it’s a rich man’s world

‘I work all night, I work all day, to pay the bills I have to pay
Ain’t it sad

And still there never seems to be a single penny left for me
That’s too bad’

Now, I’m not going to write all the lyrics of that famous ABBA song. Money, Money, Money, but I do want to talk about money. Why is it so important to small businesses? Money is ‘gold’ when it comes to small business, all businesses large or small need cash-flow.

Money does help to pay the bills, helps expand a business, pay’s the employees and also helps to pay for marketing and websites and a new CRM program or equipment and material for example. It is one thing we all need. Though when it comes to business, it is one thing we seem to not have a lot of, or we are always chasing clients for payment.

This is where a ‘bookkeeper’ comes in handy, making sure your income and expenses are entered into correctly, that you are aware of your profits and losses, how much tax you have to pay. Your incoming and outgoing expenses and just the general efficient running of the ‘money’ side of your business.

So why don’t all businesses utilize a ‘bookkeeper’?

It is the most important job to do for any business owner.

If you are out there making sales, getting work in only to not receive dividends of your hard work, then basically you are working for ‘fresh air’.

No one wants to work for ‘fresh air’ we work for ‘money’.

I hear you saying, but we do it for the love of it, deep down we all know we still do it for the money. That’s what business is about, it is difficult at times and some months are better than others, but don’t let this part of your business fail, because if it does, there won’t be a business.

Review your business model, look at utilizing a bookkeeper and know that you will have ‘money’ always in your account, not ‘fresh air’ and to add, it’s not a rich man’s world anymore!!!

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, in-sourced 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!!

Job Keeper Payment changes effective 3 August 2020

With all the recent changes, we now have confirmation of the following, this has been taken from the ATO Website.

“JobKeeper Payment changes

The government has introduced changes to the JobKeeper Payment, making it easier for you and your business clients to qualify. The new rules have now been registered and are effective from 3 August 2020.

The changes to these rules include:

  • employees’ eligibility for the JobKeeper Payment can now be assessed from 1 July 2020, rather than 1 March 2020
  • employees can now be nominated by new employers if their employment has changed since the JobKeeper Payment began. However, they can still only be nominated by one employer at any given time
  • employers have until 31 August 2020 to meet the wage condition for new eligible employees under the 1 July eligibility test for:
    • Fortnight 10 – commencing on 3 August, and
    • Fortnight 11 – commencing 17 August 2020.

Businesses can claim reimbursement for their new eligible employees between 1 and 14 September 2020, when they lodge their August monthly declaration.

Your eligible business and not-for-profit clients can still enrol at any time until the program closes”

So, what does this all mean?

In simple terms:

Originally you had to be a permanent employee or a long-term casual from the 1st March 2020, but the Government has changed it if you have been a permanent employee or long-term casual from 1st July 2020.

A couple of examples to give you that makes it simpler to understand.

  1. As long as the business you work did have a downturn in their business and was getting Job keeper since the start of the Health Crisis, if the business puts on an Employee in April 2020 for example, they can also apply and get Job keeper for that employee.
  2. If you have a long-term casual who celebrated 12 months or more working in your business in April 2020, you can now get Job Keeper for them.

If you are still confused and not sure about all these changes, please do not hesitate to contact me anytime 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!!

What is stopping you from outsourcing to a Bookkeeper?

This question keeps coming up all the time in every social media group, forum and I think the big reason why businesses are stopping from outsourcing to a Bookkeeper is ‘fear’

Like anything that is new, because we feel safe doing things ourselves and yes when it comes to finance and paperwork related to a business, there is that element, will this Bookkeeper know what to do? They can se all my finances and what my business makes and what our profits are. I don’t like others knowing personal details about my business. Will they judge how I have been doing my own books? Will they laugh at me when I provide them receipts in a shoe box?

The answer is NO.

I’ve been a Bookkeeper for over 20 plus years. Confidentiality is the most important part of my job. I have never laughed or joked about a client’s business. I applaud when a client comes to me, because it’s at that time where they are throwing their hands in the air saying ‘could you just do all this’ I’m at my wits end and I don’t have a clue what I’m doing.

Now it’s brave to ask for help.

I understand that fear and bravery both come to mind when a client takes that initial step to outsource their bookkeeping to me.

It’s no different if I was outsourcing and sending my car to a mechanic. I don’t have any idea what goes on under that engine. Do I feel fear, anxiety when I take my car to the mechanic, NO…because my mechanic does this work every day, I trust him to look after my vehicle and get it working to its maximum potential?

That’s how you should feel when you outsource, confident, happy, not fearful or nervous.

If you want to have a 15-20-minute chat about outsourcing your bookkeeping to me, I am more than happy to speak to you anytime.

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, in-sourced 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!!

Has the second Victorian lockdown affected your business?

https://thenewdaily.com.au/news/2020/08/06/jobkeeper-extension-eligiblity-criteria/

‘The second Victorian lockdown has forced the federal government to massively bolster the Job keeper program by significantly expanding eligibility criteria and allocating an extra $15billion to the scheme.

It shows that the Government is making sure that Australia and the wider community are being supported during this time.

What are your thoughts about the extension? Personally, I think it is fantastic.

If you are not sure on your entitlements after September through the Job keeper program, please do not hesitate to contact me anytime 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!!

 

Can you still get Job Keeper if you receive the Carers Pension?

Now this question has come into debate recently. There is a link here stating you cannot obtain both.

The Job keeper payment will affect the amount of money you receive for the Carers Pension. If you do however submit for Job keeper, your Carer payment will either stop or be reduced. Once you do not receive the Job Keeper payment. Once the Job keeper payments stops, you can then reapply for your Carers Payment again. Therefore, after this 12-week period, you will need to reapply again from scratch for the Carers Pension.

So, the answer is NO. It is always wise to review the ATO website and also speak to your Bookkeeper in regards to what you can and can’t receive. This easy read fact sheet, states plainly very clearly what you can and can’t do.

If you have any questions in relation to Jobkeeper or the Carers Pension, please do not hesitate to contact me anytime on 0429 363 047.

https://www.dss.gov.au/sites/default/files/documents/05_2020/dss-carer-payment-jobkeeper-payment-easy-read-fact-sheet.pdf

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!!

Businesses have survived COVID-19 with the help of a Bookkeeper

There has been so much negativity in the news in Australia about businesses closing, people losing their jobs. But there have been many businesses that have thrived and survived during COVID because of the help of a Bookkeeper.

Not one of my present clients have had to cease my services, to be honest, my clients have contacted me during this time, to help them with all the changes of the Job Keeper, Job seeker and EOFY, so it’s been quite the opposite.

The clients I look after range from all different industries and all have survived this health pandemic and economic uncertainty. It proves that many businesses did not have to lay off staff, some have pivoted and looked at other ways to sell their products or services.

As a Bookkeeper and BAS agent, my work has probably increased a little due to more discussions on the phone, face time, emails with questions, but that is part of my job and I love helping my clients.

If you feel that it’s time to look at obtaining a Bookkeeper to help guide you through the COVID crisis, then please give me a call anytime.

I have worked in the industry for over 20 plus years, with qualifications and experience that is second to none.

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!!

 

Virtually insource your PAYROLL, no need for an onsite Bookkeeper!

Since COVID started in 2020, the world as we know it and how we do business has become very different.

As a Bookkeeper I have spent years working with clients all around Australia, so COVID didn’t impact my business at all.

Many people who were making the long trip into work are now working from home.

With border closures, states in lockdown, second waves and the virus still spreading, why would you take the chance and have an onsite Bookkeeper?

For your own safety and that of your family, there is absolutely no need in 2020 and into the future, utilizing an onsite Bookkeeper.

Since COVID, my inquiry has increased because many businesses didn’t know about virtual bookkeeping. I have been in this business for over 20 years and 99.9% of all my clients I have looked after, I have never met in person face to face, because it’s all virtual.

Virtual is the new word of 2020.

I can email, I have Zoom meetings with my clients, I can pick up the phone and call a client or visa-versa if there are any questions, PM, DM, social media.

At the end of the day, the client is safe, I am safe, our families are safe, there is no spread of any virus, because I work virtually. All work is completed in the same manner, if I was physically onsite.

So if you are a business give me a call and give me 10 minutes of your time, because I know by the end of the conversation, you will never use an onsite Bookkeeper again.

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!!!

Will you still be eligible for JobKeeper after September 2020?

Recently the Prime Minister and the Treasurer have indicated what the JobKeeper program will look like moving forward after September 2020 through to 20th March 2021.

For those that are currently on JobKeeper, the current arrangements will be staying in place to September 25th, that’s when things are changing.

Beyond September 25th 2020 until March 20th 2021, the Government has brought out the new two tier system at a lower rate for businesses who may be eligible. The reason they are doing this as they know many businesses are doing it tough, but not to completely cut off funding, they have reduced and brought in this system, which personally I feel is extremely generous, as the Government could have stopped the payments after September 2020.

1. But who is eligible?

If you need assistance and not sure, this is where I can assist and help you.

To apply for JobKeeper 2.0 support for the quarter ending 27th December 2020, a business will need to meet the required downturn (30% or more) for both the June 2020 and September 2020 quarters.

To apply for the following quarter, ending 28th March 2021, a business will need to meet the downturn (30% or more) for each of the June 2020, September 2020 and December 2020 quarters.

2. So will the JobKeeper payments be reduced?

The answer is YES.

After September 25th 2020, the current rate of $1500.00 per employee payments will no longer apply. In the next phases there will be two tiers of payments and reductions each quarter.
The first level will be for people working 20 hours or more a week.

The payments for these employees will be reduced to $1200 per fortnight for the Dec 2020 quarter and further reduced to $1000 per fortnight for the Mar 2021 quarter
The second level will be for people working less than 20 hours a week.

The payments for these employees will be reduced to $750 per fortnight for the Dec 2020 quarter and further reduced to $650 per fortnight for the Mar 2021 quarter.

This is in line with new changes to the JobSeeker payments.

The exact details around these changes are of course still to be legislated, and as a result subject to change, but this is what we know now.

Of course, if you have any questions, please don’t hesitate to contact us.

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

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

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

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

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?

https://www.smh.com.au/politics/federal/minimum-wage-up-13-a-week-despite-coronavirus-recession-20200619-p55471.html

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

  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

Are you a spender or a saver?

This is a personal question for so many, including myself, but why I asked this question is, sometimes it is better to be a spender rather than a saver if that means it will help you and your business continue during the COVID -19 Crisis and beyond.

Frankly, I’m personally a saver, where I can I will try to put some money away for a rainy day, but when it comes to these unprecedented times during the COVID-19 Crisis and beyond, many businesses are spending money to pivot, to bring in new resources into their business, retraining staff into other areas.

We have been taught since we have been young to save, save, save, and I encourage everyone if they can put some money away as a buffer in business, then definitely do that, especially now.

But if it means keeping your business afloat, paying bills, paying suppliers, paying contractors and keeping your business ticking along, then yes, spending now is a great idea.

So where are you at today?

Are you spending more on your business?

Are you saving and keeping a buffer aside moving forward after COVID-19?

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

 

Has the Job keeper package helped you stay afloat in your business or not?

For many business owners, I have answered many questions about the Job Keeper Package that the Government brought out for those that had lost 30% or more in income since COVID-19 hit our shores in Australia.

It is encouraging to see many business owners who took the stimulus package to put that money back into their business.

But has it actually helped you in your business stay afloat?

Has it made a huge impact in the day to day operations of your business?

Will you be able to still survive when the stimulus package finishes in September 2020?

Have you had your books looked over by a Bookkeeper?

You may be one of many businesses that may need a Bookkeeper to go over your books with a fine tooth comb, because let’s face it, just the stress of all this  and keeping your business afloat, many businesses slack off when it comes to bookkeeping and this is an important time to have a health check and your bookwork reviewed.

Let me help you today, let’s have a chat and let me help you keep your business afloat.

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

Don’t market yourself as a Bookkeeper, unless you are qualified

As a qualified Bookkeeper, with over 20 plus years’ experience and also a qualified BAS agent, it makes it difficult to see so many business people market themselves as a Bookkeeper, when they are not qualified.

Firstly, it’s false advertising and I see many Virtual Assistants and Consultants that advertise as another service they provide is bookkeeping. Bookkeeping isn’t just a side service offered to clients. Bookkeepers in this profession have spent years crafting their business, years of study, years of completing courses and updating their skills on a yearly basis, this is all part of the Bookkeeping Industry.

We cannot just advertise and never do anymore study on a yearly basis, because in this industry, you must keep up with the ever-changing rules and regulations and new software.

When I see people advertise they do bookkeeping, it’s not just data entry we do and that’s it, there is so much more and way more behind the scenes work we do.

So if you do outsource your work to someone that mentions they do Bookkeeping, make sure you actually see their qualifications because I would hate to see business owners learning down the track that an amateur, someone that hasn’t a clue about the ins and outs of the bookkeeping industry to be looking at your books, paying your staff, because as the old saying goes, ‘you pay peanuts, you get monkeys’.

If you are looking for a Bookkeeper that is highly experienced and easy to work with, then please give me a call, my 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

Job keeper Package – have you enrolled/applied yet?

Many businesses have still not enrolled or yet applied for the Job Keeper package.

Some reasons why they haven’t:

a) They did not have a downturn in business in March/April 2020, but some of those businesses have not re-checked for May, or have just assumed that there earnings have not changed.

b) Don’t miss out on the Job keeper package, if you think it’s too late to apply, because it isn’t

Contact Maree and she will help you and check if you are eligible or not.

Maree’s Mobile Bookkeeping
0429 363 049
www.mareesmobilebookkeeping.com.au

Working in collaboration = All your EOFY needs under one roof

As a business owner myself and a qualified BAS agent and Bookkeeper of over 20 years, I work closely with Peter from Peter’s Tax and Accounting and we work hand in hand with Tax Returns and end to end year work between us both.

We have worked together now for many years and we have a great referral business between both of us. As some work is more bookkeeping and other work is more of Tax compliancy.

Working in collaboration with another experienced business owner not only helps me but helps Peter as well. Peter is a Chartered Accountant as I am a qualified Bookkeeper and BAS Agent, so we work on many clients returns, end of year work, BAS, reconciliation, STP, reporting, payroll.

We are both individual businesses and we both have separate clients to one another, but many times we have clients that we both look under, so you have basically two qualified businesses helping you under the one roof.

I must say it’s been a pleasure working in collaboration with Peter all these years and it’s always great to have someone else to speak to and ask questions too.

If you need any assistance with your TAX, EOFY, financials, please do not hesitate to give me a call.

Maree Punzet
Maree’s Mobile Bookkeeping
0429 363 047
www.mareesmobilebookkeeping.com.au

 

 

Single Touch Payroll became compulsory in July 2019, have you reported your wages through STP this year?

Have you been reporting your wages through STP this year?

If not it’s not too late to outsource your payroll to Maree.

Most people think this Single Touch Payroll is quite easy, but it really isn’t. Have a read from the ATO website below of the different options when it comes to STP.

https://www.ato.gov.au/General/Other-languages/In-detail/Information-in-other-languages/Single-Touch-Payroll/

There will be no group certificates/payment summaries this year, all payroll will need to have been reported to the ATO through single touch payroll.

If you need help with your Single touch payroll get in touch today

Maree Punzet
Maree’s Mobile Bookkeeping
0429 363 047
www.mareesmobilebookkeeping.com.au

Access the Online Portal – Stimulus Package Grants – Courtesy of Maree’s Mobile Bookkeeping

Maree’s Mobile Bookkeeping are pleased to make an exciting announcement.

Over the past few weeks, we have been developing relevant guidance and supporting materials to ensure you’re aware of your entitlements and support you may be eligible for from the State and Federal government.

We have created a state-of-the-art online platform for your convenience.

Here you will be able to gain direct access to all potential stimulus packages available to you depending on your State and profile.

You can access the online portal here https://stimuluspackagegrants.com.au/mmb

Feel free to download these resources and use them at your disposal.

Our thoughts are with you during this difficult time, and we hope that you are taking care of yourselves and staying positive.

If you have any questions or need assistance to apply for any support, please do not hesitate to get in touch with Maree directly by phone 0429 363 047.

We endeavour to support you as much as possible and will be in contact over the next few weeks.

Kind regards,

Maree’s Mobile Bookkeeping
0429 363 047
www.mareesmobilebookkeeping.com.au
https://stimuluspackagegrants.com.au/mmb

What does the future hold moving forward after COVID-19 and how it will affect your business?

Many businesses are going through so much turmoil at the moment and because many feel that after this crisis finishes that Bookkeeping may not be a high priority, that is definitely the opposite you should be thinking.

During this crisis, I have received at least 30 calls per day from those with employees, sole traders, large companies, you name it, I’ve had lots of different calls, because put it simply, people are confused.

Now more than ever.

What my job is as a Bookkeeper and BAS agent is to keep up to date with everything that is happening, not just at a bookkeeper level. I have read all the stimulus package information and all relevant documentation and as I am part of the Bookkeeper Association, information is also provided to give me the tools and resources at hand, that the average employer, employee or sole trader would not see or read.

So how will this affect your business once this virus passes?

It will be a slow and sometimes painful journey once everything starts moving again, but it doesn’t have to be. For anyone that is confused or even a little panicked about all of the information that is out in the media, then please email or pick up the phone or call me.

I am only a phone call away and this is the best time to have an experienced bookkeeper by your side once this crisis finishes.

Maree Punzet

Maree’s Mobile Bookkeeping

www.mareesmobilebookkeeping.com.au

0429 363 047

 

 

COVID-19 Crisis – 10K grant has been announced for those living in NSW

This information has been taken from the following website

 https://www.service.nsw.gov.au/campaign/covid-19-help-small-businesses/grants-loans-and-financial-assistance

Small business support grant

The NSW small business COVID-19 support grant of up to $10,000 is available to eligible NSW small business owners.

To be eligible, businesses will need to:

  • have between 1-19 employees and a turnover of more than $75,000
  • Have a downturn of 75% turn over
  • a payroll below the NSW Government 2019-20 payroll tax threshold of $900,000
  • have an Australian Business Number as at 1 March 2020, be based in NSW and employ staff as at 1 March 2020
  • be highly impacted by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 issued on 30 March 2020
  • use the funding for unavoidable business costs such as utilities, overheads, legal costs and financial advice
  • provide appropriate documentation upon application.

Highly Impacted Industries

Eligible industries are those that have been subject to closure or are highly impacted by NSW Government health directions in relation to COVID-19 and include:

  • Retail trade
  • Accommodation and food service
  • Rental, hiring and real estate services
  • Administrative and support services
  • Arts and recreation services.

For further eligibility criteria and the application form, visit Apply for the small business COVID-19 support grant.

If you need any further assistance or just want to ask questions in relation to the stimulus packages, please do not hesitate to contact me anytime on 0429 363 047

Maree Punzet
Maree’s Mobile Bookkeeping
www.mareesmobilebookkeeping.com.au

Job Keeper Applications are now ‘live’

So what is Job Keeper?

It’s a payment of $1500 per Fortnight to help you keep your staff employed. It is also applicable to sole traders, one Beneficiary of a trust or one partner in a partnership.  The business needs to apply through the ATO, this can be done either through the business Portal or through your Tax Professional such as Maree’s Mobile Bookkeeping.

These are the steps involved.

Step 1. Work out if the business is eligible to be eligible the business you must

– on 1 March 2020, have carried on a business in Australia or were a not-for-profit organisation that operated in Australia.

-Have employed at least one eligible employee on 1 March 2020 or been active in your own business.

– Your eligible employees are currently employed by your business for the fortnights you start to claim for, and continue to claim for (including those who are stood down or re-hired)

– your business has faced a

  • 30% fall in turnover (if their aggregated turnover is $1 billion or less)
  • 50% fall in turnover (if their aggregated turnover is more than $1 billion), or
  • 15% fall in turnover including donations and gifts (if they are an ACNC-registered charity and not a university or school)

Once you have determined your business meets the eligibility requirements.

Step 2: Identify your eligible employees

They are eligible if the employees:

  • are currently employed by the eligible Business (including those stood down or re-hired)
  • are either
    • permanent full-time or part-time employees of your Business or another entity in your wholly owned group) who were employees as at 1 March 2020
    • casually employed by you (or another entity in your wholly owned group) on a regular and systematic basis for at least 12 months as at 1 March 2020 and not a permanent employee of any other employer,
  • were at least 16 years of age as at 1 March 2020
  • were an Australian resident as at 1 March 2020 within the meaning of the Social Security Act 1991, which requires that they reside in Australia, and are one of an Australian citizen, the holder of a permanent visa, a Protected Special Category Visa Holder
    • the employee can also be an Australian tax resident who is a Special Category (Subclass 444) Visa Holder
  • we’re not in receipt of any of these payments during the Job Keeper fortnight
    • government parental leave or Dad and partner pay
    • a payment in accordance with Australian worker compensation law for an individual’s total incapacity for work
  • have not agreed with any other employer to be nominated as an eligible employee for the Job Keeper payment
  • complete the Job Keeper employee nomination notice.

Step 3: Pay your employees the min $1500 gross ie before tax per fortnight

  (starting with the fortnight 30 March – 12 April) to claim the Job Keeper payment for that fortnight.

  you need to continue to pay employees that you are claiming for either

  • every subsequent fortnight until 27 September 2020
  • until their employees stop being eligible or you opt out.

  For the first two fortnights (30 March – 12 April and 13 April – 26 April), The ATO will accept the minimum $1,500 payment before tax has been paid for each fortnight even if it has been paid late, provided it is paid by the end of April. This means that they can make two fortnightly payments of at least $1,500 per fortnight before the end of April, or a combined payment of at least $3,000 before the end of April.

Eg: employer has casuals and they have been paid $300 a week as that is what they have worked up to last pay week in april so over that 3 weeks they have been paid $900 then they need to make sure that week 4 they pay them $2100 to make the $3K for the month ie the equivalent of the $1500 per fortnight

  • The Job Keeper payment is a reimbursement from the ATO to your business and cannot be paid in advance.

All Job Keeper payments are assessable income of the business that is eligible to receive the payments. The normal rules for deductibility apply in respect of the amounts a business pays to its employees where those amounts are subsidized by the Job Keeper payment.

The Job Keeper payment is not subject to GST.

You can enrol for the Job Keeper package from 20th April, if you don’t meet the 30% Drop in March or April but do in  May you can enrol in the program once you meet the eligibility.

You must have the nominations forms filled out by all eligible employees before you apply for the job keeper.

If you need help in this area, please do not hesitate to contact me anytime.

Maree Punzet

Maree’s Mobile Bookkeeping

0429 363 047

PAYG rebate

This extract has been taken from this link below.

https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/In-detail/Boosting-cash-flow-for-employers/?fbclid=IwAR3HA9t0JC_3mwvXgFFEoyZ94h2m8rYdBn9uiH-9eH3vXAJ-GmckAWMYeKE#Creditamount

‘Legislation has been enacted to provide temporary cash flow support to small and medium businesses and not-for-profit organisations that employ staff during the economic downturn associated with COVID-19 (novel coronavirus). This will be done through two sets of cash flow boosts delivered from 28 April 2020 to support employers to retain employees.  Min is 10K Max 50K

If you are eligible, you do not need to separately apply and upon lodgement of your activity statement, your first amount will automatically be credited to your account but no earlier than 28 April 2020.

The cash flow boosts will be made from the Government’s announced date of 28 April 2020. If you lodge early, you will not receive the cash flow boost before this date.

But also, you must be up to date with your lodgements to be receive so if you are behind now is the time to catch up.

You will be eligible to receive the cash flow boost if you are a small or medium business entity, including not-for-profit organisations, sole traders, partnership, company or trust that:

  • held an ABN on 12 March 2020 and continues to be active
  • has an aggregated annual turnover under $50 million (generally based on prior year turnover)
  • made eligible payments you are required to withhold from (even if the amount you need to withhold is zero).

In addition, you must also have either:

  • derived business income in the 2018–19 income year and lodged your 2019 tax return on or before 12 March 2020
  • made GST taxable, GST-free or input-taxed sales in a previous tax period (since 1 July 2018) and lodged the relevant activity statement on or before 12 March 2020.

Eg say you withheld 12,000 in PAYG for the Quarter ending 30th March 2020. You will be entitled to the cash flow boost of $12,000 after the 28th April once your March BAS is lodged

Followed by an additional $24,000 after the 28th July once your June BAS is lodged

Followed by final payment of $12,000 after 28th Oct for your Sept BAS

This is a total cash flow Boost of $48,000

Please note this is a credit on your activity statement, if your cash flow boost (Rebate) is more than your activity statement balance you can get a refund into your bank account’

If you need more clarity about the link above, do not hesitate to contact me.

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

 

 

 

 

COVID-19 CRISIS Apprentice stimulus

So the Government has now brought out a website called the Stimulus Package today 26th March 2020 https://www.stimuluspackage.com.au/stimulus/supporting-apprentices-trainees/

So if you employ an apprentice or trainee, you may be eligible for a wage subsidy of 50% of their wage paid from 1st Jan 2020 to 30th September 2020, and you can register for the subsidy from early April 2020.

I think it’s a great incentive to assist businesses especially now more then ever to retain their apprentices and trainees. Employers will be reimbursed up to a max of $21K per eligible apprentice or trainee ($7K per quarter). Irrespective of size, this will enable eligible out of trade apprentices or trainees for the subsidy. But it does state the apprentice or trainee must have been in training with a small business as at 1 March 2020.

Check out the link above for more details.

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

 

 

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

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

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: Small businesses can defer loan repayments for 6 months

As of Monday 23rd March 2020, banks are allowing small-businesses to defer loan repayments for 6 months

This is a great incentive brought in by the Australian Banking Association and one of necessity.  

What that means is due to the COVID-19 virus the banks have allowed small businesses to defer any loan repayments for the next 6 months. This relief package is estimated to apply to $100 billion small business loans, but it will look at putting as much as $8 billion back into the economy.

This lifeline will provide small businesses the option of keeping their doors open to customers and keeping their staff in jobs, which is brilliant.

If you are a small business and have loan repayments, you can contact your bank as from Monday 23rd March to discuss the support package.

Small businesses are the backbone of Australia, due to the serious impact the COVID-19 will have on the economy, not only now but in months down the track, this will certainly bring relief to many small businesses in Australia.

Let me know if you have any questions about anything during this time, I am only a phone call away.

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