ATO is flipping the switch on debt recovery

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

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

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

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

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

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

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket and saves you time to work in/on your business this makes good financial sense!!

Are Bookkeepers in demand in 2021?

The answer is YES

Since COVID started, it was already busy, but now that we are coming out of COVID, more people have reconsidered how they spend $$$ on their business and what is really great to see is so many more people are coming to the conclusion that it is way smarter and cheaper to outsource their bookkeeping.

It makes good economic sense.

More so now, then ever before.

With the Government making changes to requirements for businesses, business owners are confused as to what is on offer for them, what they need to do and when different things are due.
So yes, the answer is a resounding yes, we are very much in demand.

If you need assistance, you’re in the right place, just give me a call, email, pm, whatever and I can help you anytime, any day.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket and saves you time to work in/on your business this makes good financial sense!!

The COVID Rebound

Can you believe it’s been 12 months already of the 1st case of COVID. In Australia we faired pretty well compared to the rest of the world.

We are definitely in rebound mode, for many business owners, it’s survival. Some have been able to grow leaps and bounds, pivot, while others have relied on the Jobkeeper payments and still could close.

But the outlook looks to be that Australia business is on the rebound.

There has been new consumer confidence in the market, people seem to have more money, they are spending on homes, cars, holidays locally and interstate because they can’t spend that money on overseas holidays.

So there are a couple of things to think about with this rebound which is:

1.Cashflow
Look at your business and review exactly how much it needs to survive and what timeline.

2. Documentation
Document everything, if you are not already, look at streamlining your processes. Start reviewing your costs in pre-crisis revenue and margin to post crisis.

3. Inventory
As Australia is starting to reopen borders, early movers building inventory soon may benefit from pre-surge prices.

4. Prepare to Hire
I know that sounds crazy, but can you afford to add staff now or not. Do you have a HR person to help, look at identifying job descriptions, start dates.

5. Work with the best Bookkeeper
Now this one is a given, you need to talk to me. A good bookkeeper will save you a lot of $$$.

So remember, we are coming out of this pandemic and it’s exciting to see Australia rebound and show the rest of the world, how tough and resilient we truly are.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID
We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket and saves you time to work in/on your business this makes good financial sense!!

Have you lodged your TPAR or have your forgotten to lodge?

Did you know more than 60,000 businesses in Australia are yet to comply with their lodgement requirements under the Taxable Payments Reporting System (TPRS). The due date was last August 2020, so the ATO will be chasing those who haven’t lodged.

Are you one of those 60,000 businesses in Australia?

Did you know if you have yet lodged, that you may incur penalties from the ATO. This is when contractors who have don’t report or under-report their income, it’s dangerous to do this and you will be caught.

In fairness, some businesses do not realise they need to lodge a taxable payments annual report (TPAR), but may be required, depending on the percentage of payments received for courier services or deliveries.

Businesses for example ie Restaurants, Cafes, Pharmacies, Grocery Stores and retailers have started paying contractors to deliver their goods to customers, especially since COVID. These businesses previously may not have needed to lodge a TPAR, but if the total payments received for deliveries or courier services are 10% or more of the total annual business income, then they will need to lodge.

Do you fit in this criteria?

It is what the ATO describe as the Black Economy. This is costing the community as much as $50 billion dollars. Other areas that pay contractors are those that provide road freight, information technology, security, investigation or surveillance services. If you do fit in these areas then you need to lodge a TPAR with the ATO.

If you are confused and think maybe I need help, then give Maree a call direct on 0429 363 047 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 and saves you time to work in/on your business this makes good financial sense!!