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!!

Tips on teaching kids about money

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This might be one of those things you think about from time to time, but I think teaching kids about money in the early years will set them up during their life.

I am a mother of 2 boys and have tried to install good money and spending habits. I have tried to teach them the value of money and how saving up for something is much better than buying something on credit.

Saving is such a long-term habit and could make a huge difference in a kid’s life if you teach and start them young. Even pocket money or making them do some more chores around the home for a bonus at the end of the week ie match a dollar for a dollar in their bank account for example.

It is about teaching kids’ simple strategies about the difference between wants and needs.

A great place to start it explaining the basic needs, ie food, water, shelter, you can reinforce the concept of a want versus a need. When you go shopping with your child and they have asked for a treat when you walk down the confectionary aisle. Unless it’s a special occasion, firstly don’t walk your kid or kids down that aisle (bad idea), but unless they have earned it during the week, then it is a treat for them, because they washed dad’s car or helped put clothes on the line.

Kids should be given goals, it’s too easy to give kids everything they want, they won’t appreciate working for things like cars and houses as they get older if you as a parent have just always given them what they wanted, when they wanted.

Get kids to make a vision/goal board and help them write out what they want and how they can reach that goal. Let them earn their own money and they can start ticking off that vision board each item they have worked for, be it doing more chores around the house for pocket money or saving more each week into their bank account.

Show them and explain to them about compound interest, the earlier and quicker they start saving it will grow so much in only a few short years.

I realise this isn’t so much bookkeeping related, but I think it’s an important one to touch on, as adults if we are clever about money, we can to be saving money and using our money wisely in 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!!

 

Your paying for my years of experience

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When I speak with clients, some hesitate at the cost and say to me, that’s just too much money for BAS reviews and quarterly lodgment.

It is strange, when you think if you have a plumber or electrician come to your home to fix a leaking pipe or a faulty switch, do you ever say, wow, that’s too much money.

You don’t, purely because you know that the Plumber or Electrician is a qualified tradesman and they have spent years in training and courses to be highly skilled in their area of expertise.

It’s no different as a Bookkeeper/BAS Agent, I have spent countless years of study, over 20 years of experience working in client’s onsite locations as well as working online from home, many hours, late nights studying, working on problematic areas of businesses, so why is it any different?

It isn’t.

What I provide to you is not only a service, but I provide 20 plus years’ experience as well. Of course, there will be a cost to that. If I was in my first-year learning Bookkeeping, of course I wouldn’t be charging much, because I would still be learning and inexperienced.

So, don’t look at the price, look at the experience a person can provide you for your business, making sure you’re not losing money but saving money and your bookkeeping and BAS is correct, so you don’t have the ATO chasing you.

If you have any questions, 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 Budget 2020, what’s in it for SME’s?

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Check out this link for further info, but the Budget 2020 was an interesting one.

https://www.mybusiness.com.au/finance/7527-budget-2020-what-s-included-for-smes?utm_source=MyBusiness&utm_campaign=06_10_2020&utm_medium=email&utm_content=1&utm_emailID=

There were a mixture of Tax Concessions, JobMaker hiring, whereby if a business hires a young job seeker aged 16-35 they will receive a JobMaker hiring credit of $200.00 per week for every new worker and $100.00 a week if they hire a new person aged 30 to 35 years. This is payable for the next 12 months, if that new person works at least 20 hours per week.

The other one I found particularly interesting was the $800m digital plan, to push businesses to adopt digital technologies post COVID.

Have a look at the link yourself and see what you think. Interesting times ahead for Australia.

Though if you are totally confused by it all, 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

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!!

Insource your Accounts Receivable to Maree today

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As a Business owner, you have many things to do, ordering stock, rosters, getting new customers, marketing and much more. This can sometimes mean you don’t get time to get your invoices sent out to your clients, resulting in lack of cash flow.

Some of the benefits of insourcing are:

Effective efficiency: obtaining professional assistance gives you back the time to concentrate on your area of specialty. It can free staff from doing their own jobs.  Insourcing your accounts receivable, your business will experience less wastage and save money.

Remain in control: By insourcing accounts receivable services, you will always have access to up-to-date data. Better then your cashflow being impeded, you’ll be ready to make any necessary rectifications.

Lowers unnecessary costs:  Insourcing accounts receivable helps to lower the indirect costs associated with trying to do it all yourself. By having an insourced person doing this, they can make the follow up phone calls, they can keep the books up to date and look at areas of missing discounts or opportunities for growth.

Staffing costs: The responsibility of managing the accounts receivable is done by Maree Punzet. There is no need to look at having a full-time accounts receivable person to do this, insource is financially the better option. Your cashflow will love you.

For a small fee I charge the following:

  • Preparing of invoice for your client
  • Emailing the invoice to your client
  • Regular reporting to you about clients owing money
    Up to 5 invoices to be sent $120 Per Month (GST Inclusive)

I can even chase up your clients for late payment and do debt collection. So why waste your time, when you can give it to me to do.

If you would like to know more about what I can do, please do not hesitate to contact me.

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!!

maree punzet small and medium business bookkeeper at Maree's Mobile Bookkeeping

About Maree Punzet

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Hi, I’m Maree Punzet, a mother to two boys who like many other mums out there with teenagers, one is finishing his High School Certificate this year and it’s been a tough one, doing assessments and exams during COVID-19.

I live in Cobar NSW, a mining town, a small community, where most people who live in Cobar for a while know the locals by their first name. Country towns are like that, everyone knows everyone, everyone knows your husband, kids, heck even the family dog’s name.

When I finished School I started out at the local shire, doing accounts payable, then I got a job at the local travel agency one of my jobs there was to keep the books this was back in the hand written bookkeeping days that was well and truly over 20 years ago, the 10 years ago I decided to start my own business.

I love numbers, finance, anything to do with Bookkeeping I just love it, it’s in my blood, my mum was an accountant. I am a Qualified Bookkeeper & BAS Agent and also been doing my certification to become a Tax Agent, though I do work closely with a Tax Agent. I am a sole trader, I have many people who look after my marketing, my social media, blogs, because I feel marketing is so important.

There are many many bookkeepers in Australia. Competition is fierce, so you need to stand out from the crowd.

I am happily married to my wonderful husband who I met whilst I was still at school and  it was love at first sight. Sickening I know, but when you know, you just know.

In my spare time I love dancing and I dance with our local dance group doing classes in Jazz, tap and Musical theatre.

So that’s just a small glimpse about me, Maree Punzet – Maree’s Mobile Bookkeeping

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!!

Job Keeper Tiers and Testing Eligibility

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Without going into the nitty gritty of the new changes to the Job Keeper tiers from 1st October 2020, here is a great link that explains it in layman terms.

https://www.mybusiness.com.au/tax-accounting/7473-ato-addresses-jobkeeper-tiers-and-what-it-expects-of-employers?utm_source=MyBusiness&utm_campaign=25_09_20&utm_medium=email&utm_content=7&utm_emailID=a4e9c39a71c818b32f3ea4e19578eb08e4c1bb37f2731e2f53df0320a967ae57

Though if you are totally confused by it all, 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

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!!

Why waste your time with Payroll, outsource to Maree today!

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Oh, I hear often many business owners who absolutely detest doing Payroll. They say it’s the worst job in the world.

Payroll is one thing many businesses should just outsource.

There is quite a lot involved with PAYG, Superannuation, making sure all employees are paid and receiving timesheets on time, the process of payroll can be extremely time consuming for any business that has staff.

Between making sure the business is running smoothly, training staff, meetings, looking after customers, growing the business, the last thing on a business owners mind is the Payroll.

I offer this to clients and it’s one of my most popular packages.

The package includes the following:

  • Processing of Payroll and emailing of payslips to employees
  • Single Touch Payroll Reporting
  • PAYG Lodgement
  • Superannuation Reconciliation and Lodgement
  • From 1 to 5 staff

Cost: $125.00 per month (GST Inclusive)

It’s actually extremely cost effective to outsource and if you have more staff, I can custom a package to suit.

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!!

Why you should insource your Accounts Payable to Maree

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So what is Accounts Payable? It is basically paying the suppliers you purchased goods from on credit.

You need to complete payments coming in from your suppliers and also going through all invoice expenses to make sure they are correct, plus processing into your accounting system correctly, verifying and reconciling invoices.

Now for the average business owner, this does not sound like fun. But for me, I love this, I really enjoy it.

The benefits of insourcing this task is that your supplier invoices are paid faster and on time. Business owners can get busy and forget to pay their suppliers on time, this can result in stop credit and comprise the business supply chain.

I do offer an Accounts Payable package which includes the following and I use our Better Accounts Payable Systems to avoid invoice duplication. Insourcing this can also be more profitable as I offer a package based on how many invoices as opposed to hourly rate.

For a small fee, this is what I offer:

  • Entering of Supplier invoices into your Bookkeeping system
  • Depending on client preference:
    (Option 1): Preparing a list of suppliers due to End of Month payment run
    (Option 2): Preparation of electronic file, client can then upload straight into their online banking
    (Option 3): Logging onto client’s bank and paying suppliers on client’s behalf

    5-10 Supplier invoices $120 Per month

(For more Supplier Invoices, contact Maree to custom a quote)

It really isn’t a lot of money in the whole scheme of things and many times I custom a quote if they have more each month.

If you would like to know more about what I can do, please do not hesitate to contact me.

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!!

 

 

1st October 2020 marks the start of the Job Keeper Extension

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From 1st October, Job keeper 2 or the extension to Job Keeper has started, this link here provides a little bit more information.

I have received a number of calls from clients not sure how to determine not only if there are eligible but also what tier their employees or even themselves as business owner will be on.

People will need to total what their September Quarter sales were for 2020 and the same with 2019,.

If you have had a reduction of 30% or more, you will definitely be entitled to the Job Keeper extension.

Then you just need to use the reference period of Feb 2020 to determine if you or your staff worked more or less then the 80 hours in the month to determine the Tier.

If, you are still stuck and don’t have any idea what to do, please give me a call on
0429 363 047.

https://www.mybusiness.com.au/tax-accounting/7398-ato-releases-jobkeeper-extension-guidance-setting-out-post-september-procedures?utm_source=MyBusiness&utm_campaign=07_09_20&utm_medium=email&utm_content=1&utm_emailID=a4e9c39a71c818b32f3ea4e19578eb08e4c1bb37f2731e2f53df0320a967ae57

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!!

Every Bookkeeper should sight bank statements

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There are a number of reasons why we as bookkeepers need to sight bank statements and the main goal by doing this is to make sure there is a recorded balance of your business and the recorded balance of the bank match up.

Here is why we need to sight your bank statements and reconcile your bank feeds.

  1. Validation – Data entry

Checking your bank statement, we can pick up any irregularities, such as duplicating entries, entering wrong amounts and data errors.

  1. Accuracy of Financial Statements

This is such an important one, where we check that your financial statements match those of the bank. Sometimes, on rare occasions, the bank may make a mistake, so normally it is the business owner that has, so checking that these match-up is paramount.

  1. Tax Reporting

This may sound simple, but making sure your reconciling your bank statement correctly so we can generate a correct tax return for you.

This just enables us as your bookkeeper to monitor and spot any irregularities between your financial statement and that of the bank. It is also a precaution to control theft as it prevents employees or others from stealing from your company.

To give you a prime example, we had a client once who had not done a bank reconciliation for 5 years. The client’s accountant had been doing the tax returns, but not checking it either. There were duplicated sales, missing expenses, everything you could think of.

Therefore, the client’s tax returns for the last 5 years were incorrect.  In this case, we had to go back and go through everything over the last 5 years.

If you’re someone that has been outsourcing your bookkeeping to another bookkeeper and they are not following these simple steps, then it might be time to look elsewhere.

Often, I come across business owners who have been ‘burnt’ by a bookkeeper, because what they thought they were doing was correct but they were not.

If this sounds familiar to you, then save yourself, time and stress and call Maree’s Mobile Bookkeeping on 0429 363 047 and outsource your bookkeeping 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, 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!!

Why choose a Bookkeeper over an Accountant?

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A Bookkeeper like Maree who has owned and operated Maree’s Mobile Bookkeeping for over 20 plus years is a Registered BAS Agent who is professional, certified, qualified and registered.

Bookkeepers usually work as freelancers for small businesses. Bookkeepers maintain daily accounting records, posting debits and credits, generating invoices for client as well as handling payroll.

Whereas Accountants usually work in larger businesses and are degree qualified.

The reason a Bookkeeper who is a registered BAS agent should be utilized over an Accountant is they still do the same role; they are still certified and a Bookkeeper does cost much less than utilizing an Accountant.

If I had the choice of either one, I would always use a Bookkeeper for anyone who is in small business for themselves. Bookkeepers niche their service and their target market is small to medium sized businesses, whereas accountants’ market themselves to larger organisations, you may think otherwise, but 99.9% of the time they do.

A Bookkeeper provides the following services and as a small business owner why would you choose otherwise?

BAS & ATO Compliance ~ Monthly IAS, Quarterly BAS, Annual Reconciliations, Payroll Processing.  Your BAS will always be lodged on time.

Payroll & Superannuation Processing ~ Why worry about the complexity of all the different awards and obligations.  A bookkeeper can take care of all of this for you and you can take care of your business.

Cost Effective ~ Much more affordable than employing and training bookkeeping staff.  They have packages designed specifically for small – medium business owners and sole traders, to ensure you get exactly what you need for a low-cost, fixed price.

Accurate & Reliable ~ Your financial information is accurate and kept up-to-date.  I can deal directly with your accountant if you wish.

Experienced & Qualified – Qualified and Registered BAS Agent

Small Business Expertise ~They understand the needs of small businesses, as they are one too.

Business Reporting ~ Profit & Loss, Balance Sheet, Debtors, Creditors and more.

Versatile ~ Can complete your bookkeeping fortnightly, monthly or quarterly.  They can do as little or as much of your bookkeeping as you want.

Confidentiality Assured ~ All information is kept strictly confidential and secure.  I will never talk about you or your finances to anyone else, without your permission.

If you are on a tight budget as a small business owner, why not utilize a Bookkeeper over an Accountant. Contact Maree, she has different packages she offers to suit your needs or can custom one to suit.

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!!

Bookkeeping is like a box of chocolates, you never know what you’re going to get!!!!

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Oh, I so loved that movie with Forrest Gump, sitting on that park bench, talking to whoever wanted to listen.

How true, when it comes to Bookkeeping, you definitely do not know what you’re going to get.

Each client that I work for, come from different areas, backgrounds and industries. When I receive their paperwork, believe me, it is like a box of chocolates. Hand written notes on post-it’s, shoeboxes full of receipts, emails explaining different expenses.

It can be quite funny as many clients absolutely detest this part of their business, that is why they outsource to me.

I actually enjoy the anticipation when I open up an email or shoe box what sort of surprise I will receive because let me tell you, I have had many surprises. There never is a dull day when it comes to Bookkeeping.

So let me get your ‘chocolates’ in order and fix your bookkeeping today and if you want to send me an actual box of ‘chocolates’ I am ok with that too!

Contact 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!!

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

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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!!

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

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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?

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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!!

Are you a spender or a saver?

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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?

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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

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

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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?

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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

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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’

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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

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

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

Is Bookkeeping causing problems in your relationship?

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I often chat to either a husband or wife, normally the husband who would prefer to outsource the bookkeeping instead of the wife/partner doing it, because it has caused some conflict or issues within the relationship.

It’s like the old adage, sometimes it is always better if an outside person, not related, not a friend takes care of things like bookkeeping, because as we all know, you should never mix business with pleasure.

Even though some of the best businesses in Australia are those of a husband and wife team, when it comes to bookkeeping, it’s a different story.

A lot of the time, whoever does the bookkeeping, would be better off utilizing that time better to work on the business instead of in it and if mistakes are made, there is nothing worse then blaming your wife or husband, girlfriend/boyfriend for something they may not know about or have done before.

I’ve worked in this industry for over 20 plus years and then some more and I can tell you the number of times I hear of a business needing to outsource because it’s actually affecting their relationship and causing arguments and stress. Just don’t do it, save your marriage, save your relationship and call me, Maree Punzet, from Maree’s Mobile Bookkeeping on 0429 363 047.

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

 

Should You Put Your Prices on Your Bookkeeping Business Website?

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Ok, I’ve seen this question come up heaps on social media platforms and personally for me, my answer is YES.

You know why….most clients when they initially speak to me ask me what do I do, how can I help them and how much?

How much is sometimes the first question they ask if they haven’t look at my website. So why wouldn’t you put your pricing on your website. It shows transparency, it gives the client the ability to see what your packages and pricing are and if it suits them and within budget, then they will call.

I am not sure why Bookkeepers wouldn’t put their pricing on their website. It doesn’t make sense to me.

I understand with other industries you sometimes can’t cost a job unless you go out and see it, but for bookkeeping, when I do BAS reporting or bank reconciliations or data entry etc, I have a fixed price.

If you want to check out my prices further, please visit my website, see link below www.mareesmobilebookkeeping.com.au or call me on 0429 363 047

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

0429 363 047

Did you know changes from 1st March 2020 changes take effect to those on Annualised Salary Arrangements?

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As from March 1st 2020 there are now changes being made to the way employers form and monitor employee salary arrangements.

https://lawpath.com.au/blog/changes-to-annualised-salary-arrangements-to-come-into-effect-from-1-march-2020

In a nutshell they will affect employers who set off their wage rates against modern award entitlements, this is a great link which shows which awards are being affected.

So if you have any questions about this, let me know.

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

 

 

Tax Changes happening in 2020, does it affect your business?

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There are a few things to check, from this article they talk about the following https://www.mybusiness.com.au/finance/6535-incoming-tax-changes-for-smes-in-2020

  1. TPRS – Expansion, which stands for taxable payment reporting systems. In other words small businesses in certain industries are now required to report to the ATO about payments made to the contractors they use
  2. AUSkey to be scrapped (thank goodness for that, always hated it), so from 1st April 2020, the AUSkey system will no longer be used for businesses to report to the ATO (win), so now you will need to use your myGovID and Relationship Authorisation Manager instead.
  3. E-invoicing, so they are urging Australian businesses to consider embracing the new system
  4. Single Touch Payroll reporting, so businesses with fewer than 20 employees were granted a three month extension to 30 Sept 2019 to make the transition and penalties are being waived until 30th June 2020.

So does all these things affect you. Yes I would think they do. If you don’t have a clue where to start or what to do, please give me a call on 0429 363 047 or PM and let me help you.

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