What Happens If You Overclaim on Tax?

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!!

Did you know Services Australia will begin contacting welfare recipients from November 2nd 2020?

I am sure many people don’t.

The Government has outlined that Services Australia will begin contacting welfare recipients who they think have been paid too much, especially now that the government is ending the pause put into place due to the Pandemic.

The areas that still remain in a state of disaster such as Victoria will continue to be exempt.

Though Services Australia will not begin taking money from Australian’s until February 2021 and that the delay in this debt recovery will still allow people to plan for their future. It still provides enough time for people to consider their circumstances  and what options they have moving forward into 2021.

Services Australia will work with people to make sure the process is simple and that people will be able to commence repayments of their debt voluntarily.

It is something many people are not aware of and because of the Pandemic, Services Australia realizes this has put a financial and mental burden on many people who have lost their job or 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. 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!!

My clients refer me, so will you!

In 2020, testimonials or if you want to call them reviews or referrals are GOLD. With the current COVID pandemic and economic crisis in Australia, the last thing you would think you would receive are testimonials from your clients, but this is exactly how my clients feel about me and I couldn’t be more thankful for their continued support over the years.

I enjoy what I do as a Bookkeeper and this is just icing on the cake, when you receive testimonials. Many of my clients have reached out to me since the beginning of COVID probably more so, then ever before, but that’s what I am here for, to support, to provide advice and guidance and to make sure that their business is running smoothly.

Here are just a few recent testimonials from clients.

I am very happy with Maree’s professionalism and service. She is very reliable. Her fees are very affordable. 

Gabe Martin | Lawyer | Nightcliff NT

Maree has taken all of the stress out of my bookwork and I would highly recommend her services are truly good value for money

Graeme | Mix It Concrete | Trangie NSW

So, if you don’t believe me, visit my website and you will see more testimonials from clients. Better still why don’t you call me and let’s chat.

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!!

 

 

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