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!!

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!!

 

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