Are COVID-19 Tests Tax Deductible?

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The Government announced only on the 7th February 2022, that they will ensure COVID-19 testing expenses will be Tax Deductible.

This will mean FBT will not be incurred by employers to provide the tests to their employees, though this measure IS STILL NOT LAW.

Therefore, in the meantime if you are an employee/worker and have incurred the expenses for COVID-19 tests, you should keep a record of those expenses, especially since many workers have had to have testing done to attend their place of work.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID

The worst bookkeeping mistakes that most business owners don’t realise

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There are a number of mistakes business owners don’t even realise they are doing and in my years of bookkeeping experience, I have seen so many.

  1. Not setting up your chart of accounts
    If you are doing your bookkeeping yourself, try not to use what the bookkeeping software provides as it may not be relevant. It’s beneficial to build your own and also make sure your GST codes are correct.
  2. Setting up your Petty Cash account in Assets
    If you have an office petty cash tin, it is not an asset. So, don’t setup an account for it.
  3. Not setting up payroll correctly
    Oh, boy have I seen some doozies in my time. It is extremely important that payroll and employees have been setup correctly. Include the employees DOB, TF and ensure their penalty rates are correct and also don’t forget that your linked accounts are correct, which includes tax, superannuation etc.
  4. Reconciling incorrectly
    This includes all bank and credit card reconciliation, BAS reconciliation and payment summaries and superannuation.
  5. Assets or liabilities as expenses
    By now you should know the difference between the two, but many business owners don’t. I can definitely help you and explain the difference.

It sounds simple, but why would you do this yourself, when you can outsource this to me.
Call 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 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!!

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!!

Insource your Payroll & Bookkeeping Business for only $60.00 per week.

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It is cost effective to utilise Maree Punzet from Maree’s Mobile Bookkeeping?

Answer: ABSOLUTELY!!!! YES!!!!

Why, you should ask?

If your charge out rate is $100.00 per hour for example and you waste an hour or more a week doing your own Bookkeeping, then why wouldn’t you call Maree to do the same for as little as $60.00 per week.

That’s a saving of $40.00, plus that hour or so you have wasted could have been better spent working on your own business and making even more money.

The $60.00 covers 0-50 transaction bracket and also included data entry, Bank Reconciliation and BAS Reconciliation and lodgement.

For an extra $35.00 a week you can also get your payroll handled as well including payroll processing, single touch payroll and super reconciliation.

So, when you add both of these amounts your looking at $95.00, your still in front by $5.00 if you charge $100.00 an hour yourself and most businesses hourly rate is much more, this is just an example only. For as little as $95.00 a week, you can get all your bookkeeping and payroll handled.

So why wouldn’t you?

It makes good financial sense!!!

Many people still have the mindset that insource, I like to call it insource, not outsource your bookkeeping is too expensive, but you can see in the example above, that you are actually coming out in front and you don’t have the headache of doing it yourself.

Maree is a qualified Bookkeeper and BAS Agent, are you? Do you know the ins/outs of bookkeeping, the legislative changes, I bet your shaking your head, no….
That’s right, because you haven’t studied Bookkeeping, you are brilliant in your trade or business in what you do. We should always let others who have the expertise and knowledge do the work, without trying to learn it ourselves. Your time is better spent working on your business.

If you want to find out more, call Maree today 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!!!

Working in collaboration = All your EOFY needs under one roof

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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

 

 

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

The ATO are looking at offering small business tax relief in response to the coronavirus

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https://www.smartcompany.com.au/finance/tax/coronavirus-tax-relief-ato/

This couldn’t come sooner!

Small business seems to miss out all the time.

I for one am a small business and I work with many clients that are also sole traders, small business.

The ATO are now looking at offering this area of the workforce (which is the backbone of the Australian economy) a tax relief in the light of the coronavirus.

To help small businesses they are looking at providing tax relief in the form of payment deferrals and access to goods and services tax refunds much faster than in the past.

By the most updated news it looks to include a four-month deferral for payments of amounts due through BAS (including PAYG installments), income tax assessments, fringe benefits tax assessments and excise. So that is definitely a positive in the right direction.

The ATO are trying to help businesses to assist them through this difficult time of uncertainty and I applaud them for what they are trying to do to ease the pressure.

If you need help or just want someone to talk too, to discuss your needs and help you through the different steps, then do not hesitate to contact me 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

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

Have you heard about Australian Expats facing a tax slug?

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Read more here: https://www.abc.net.au/news/2020-01-02/australian-expats-face-tax-slug-cgt-main-residence-exemption/11836094 but in a nutshell those living overseas have until the end of June 2020 to sell their homes if they want to avoid big capital gains tax bills.

With many Australian’s living abroad for work have in the past been able to claim capital gains tax (CGT) exemption on the family home as long as it was rented out for no more than six years at a time.

So is that you, are you someone that has been living abroad, or know of someone because this will affect them and we know tax time isn’t too far away.

If you want to know more, please contact me anytime on 0429 363 047.

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

 

Have you been making mistakes because you have been doing your own Bookkeeping?

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What is the likelihood that you may have been doing your own bookkeeping, but on review, you have realized there are mistakes that you have made and have already lodged your return?

Boy oh Boy, I would be one rich lady with the amount of times I have heard a new client tell me they have been doing their own bookkeeping for years and have realized they may have been making many mistakes over that time, which probably has cost them a lot of money.

Then don’t do it.

Outsource today to Maree’s Mobile Bookkeeping.

If I was a plumber or electrician, I wouldn’t expect you to know how to do bookkeeping, no different I wouldn’t be able to fix my plumbing or electrics at home.

Only work on what you are good at.

I’m amazing at Bookkeeping and you are probably an amazing Plumber or Electrician.

So, throw over your bookkeeping to me today and let me sort it out and I’ll call you if I need an Electrician or Plumber!!!

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

 

Can you claim your bookkeeping fees at tax

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Ok, you might think this is a simple question, but yes you can definitely claim your bookkeeping fees at tax time.

It’s an expense which of course is related to your business.

Yes they can claim their bookkeeping fees 100% just like there accounting fees and for me for eg as GST registered if the client is to they can claim back the GST of their fees each quarter.

So why wouldn’t you outsource your bookkeeping to me, as a GST Registered BAS Agent, Bookkeeper these are all the little things I know, that many other business owners wouldn’t.

Bookkeeping isn’t simple, there is so much to learn and know and the regulations keep changing, so if you want to know what you can claim and cannot claim, then let me handle all your bookkeeping needs.

Maree Punzet
Maree’s Mobile Bookkeeping
0429 363 047

Only a few months away to EOFY, time to review your finances

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How many of you have actually recently gone through your finances for the last few months? I’m not just talking how January 2020 was when it comes to profit/loss, but I’m talking about reviewing the last 6 months.

We are now in January, well February 2020, so we only theoretically have March/April/May and June, so really only another 4 months before the EOFY.

That’s right 4 months.

Have you been making a profit?

Have you paid your staff correctly?

Have you paid your suppliers?

Have you been paid?

That’s right, how many people owe you money, have you chased these businesses for your money?

That’s the thing, when we are in busy, we are wearing so many hats.

As a Bookkeeper and BAS agent, it’s my job to keep track of all this for you each month. Sometimes I do have to make that call and do debt collection on a businesses behalf.

So does this sound like you?

Are you behind in your books, do people owe you money,well if any of the above resonates with you, then give me a call on 0429 363 047.

Let me get you and your finances up to date so when EOFY comes, it’s all smooth sailing.

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

 

Maree’s Mobile Bookkeeping is a Virtual Bookkeeping business

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Check out the link here.
https://www.youtube.com/watch?v=GFDD201HOxM&fbclid=IwAR2NoNqA-MEw8ixQNxiD4duy7xaLoO0xQFw8pVdJMWQ2OpE75Zlo85FQ6G4

So what does this all mean?

It means we can offer bookkeeping services to clients Australia-wide.

The internet, current technologies and cloud services all make this possible.

We maintain clientele in several Australian states even though we are NSW-based.

One of the main questions I am asked is:

How do I send you my Source Documents (for example Bank statements)?

We use various methods to receive bookkeeping documents. These include Dropbox, Google Drive, Email, MYOB Capture App and even snail mail.

What are the advantages of a virtual bookkeeper?

I save you time and money, allowing you to work on, not in, your business.

Business owners are very busy with employees to organise, orders to place, and projects to complete. The list is endless. Scheduling time to be in the office when the bookkeeper is coming is difficult.

Small business owners, operating a home-based business, may not want an employee in their home and family space.

An owner may work from a formal office which does not have space for another worker, desk and equipment.

Owners of a retail store, pub, or café may not have room for a physical office.

A mobile business is unlikely to have a physical office.

Many business owners feel it will be challenging to work with a virtual bookkeeper.

They think they need face to face contact so they can ask questions.

This is not true. Everyone works virtually (remotely) nowadays.

There are Skype and Zoom for face to face conference calls.

I am only a phone call or email away.

If this video / blog resonates with you and it’s something you have been thinking about for some time and wasn’t sure how it all works.

Call me to discuss how I can do your bookkeeping virtually.

Maree Punzet
Maree’s Mobile Bookkeeping
0429 363 047

Six crucial employee awards and legislative changes to look out for in 2020

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This link is a great little article and worth reading.

‘From 1 January 2020, employers must pay super on an employee’s gross rate of pay – including on any salary they have sacrificed’

http://anthillonline.com/payroll-expert-reveals-6-crucial-employee-awards-and-legislative-changes-to-look-out-for-in-2020/?fbclid=IwAR1qVUR6x0rZglht375VYqoW3tg6NEZKV8w6d2D6WxDMIjeqf2ukTOo8fj0

If you want to know more about this, please do not hesitate to contact me anytime on 0429 363 047.

Maree Punzet

Bookkeeper | Registered BAS Agent
www.mareesmobilebookkeeping.com.au

Only 6 months to EOFY

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It might be only a few days short of Christmas, but we are actually mid-way throughout the Financial Year.

It’s only 6 months till EOFY, that’s right. Only 6 months!

I think people forget when June 30th comes around it’s the end of the Financial Year, not the 31st December.

Have you checked your paperwork recently, are you ready for EOFY, have you been entering data, coding correctly, keeping your BAS updated????

If not, then maybe it is time to outsource your bookkeeping.

Call today, Maree Punzet from Maree’s Mobile Booking
0429 363 047

Two Heads are better than one!

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Peter the Accountant and myself have formed a great team a number of years ago. Some people like to have the option of utilising both our services in the one place.

Many times, Peter will have a client and send to me or visa versa or we work together on some business cases too.

It just depends what tasks are needed.

So, if you are in need of a Bookkeeper/Accountant, give me a call anyway so Peter and I can look after your business needs.

Maree Punzet
Maree’s Mobile Bookkeeping
04291 363 047

New Year, New Bookkeeper!

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Isn’t it wonderful when we start a new year. We are all fresh as a daisy, clean slate and everything. This is when many businesses get in contact with me because they know it makes sense to outsource to a bookkeeper.

Why not start the new year fresh and squeaky clean. Get rid of the old ways of doing things, outsource the Bookkeeping to Maree Punzet, value your time more so you can work on your business.

Isn’t their new goals you want to achieve? You won’t be able to achieve them if you continually do your own bookkeeping, wasting your time, pulling your hair out at the never ending changes the ATO keeps coming up with.

So start fresh for the New Year, outsource to a new Bookkeeper.

That’s me…just over here…

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

Fair Work raids uncover 725 wage-theft victims and hundreds of “unaware” businesses

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https://www.smartcompany.com.au/business-advice/legal/wage-theft-regional-fwo/

For anyone that hasn’t read this article, please take the time to click on the link.

A clippet from the article:

“A whopping 725 workers have been back-paid more than $330,000 after a series of Fair Work Ombudsman (FWO) raids identified worrying levels of wage theft in regional Victoria and NSW.

Less than three weeks after recovering $580,000 in stolen wages from regional businesses across Australia’s eastern seaboard, the FWO has unveiled the results of another series of inspections in Albury-Wodonga, Ballarat and Wollongong.

It found nearly half (47%) of the 489 businesses that received surprise door knocks were in breach of workplace laws, including retail outlets, takeaway shops, cafes and bars.”

In other words, there are many businesses that are not paying correct wages, businesses have breached workplace laws.

If you need any assistance with payroll, bookkeeping, BAS, even just asking a question, then please do not hesitate to contact me anytime on 0429 363 047.

Maree Punzet

Maree’s Mobile Bookkeeping

www.mareesmobilebookkeeping.com.au

0429 363 047

 

A Virtual Bookkeeper is the best way.

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More and more people are utilising Virtual Contractors, ie Virtual Bookkeepers, Virtual Solicitors, Virtual Conveyancers, Virtual Assistants, Virtual Website Designers, Virtual Graphic Designers, you get my drift.

If I have a client in another state, it is no different to one in the next town to where I live. If the client doesn’t own a fax machine, which many don’t now, they just email or use Cloud. For example, MYOB has an app and you can take a photo and upload straight away. Or even if the client uses Xero or QuickBooks, they can take a photo and attach to an email or Dropbox or Google Drive.

Many larger businesses now work like this with staff working remotely from home.

It’s no different working with me as your Virtual Bookkeeper.

I have around 20-30 clients on my books at present and 100% of those clients are not even living in the same state as me.

Have I met them face to face, NO.

Do they receive 100% customer service YES

Are they happy with my service YES

These clients are long standing clients who I have looked after (virtually) for many many years.

There is no need to see a Bookkeeper face to face anymore and if you do, we can always use Zoom to actually physically see each other.

In this economy, heading into a new decade, technology has changed, so save yourself time and money.

Call me today..

Maree Punzet – Your Virtual Bookkeeper

Maree Punzet

Maree’s Mobile Bookkeeping

www.mareesmobilebookkeeping.com.au

0429 363 047

Do you need to be RESCUED when it comes to your Bookkeeping?

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Need to be rescued?

Are you late on your BAS?

There are so many businesses that are behind, the ATO is cracking down on those that have outstanding BAS, Payroll liabilities, tax etc.

I specialise in helping businesses catch up and make sure they are compliant and up to date.

So, before the ATO come knocking on your door, don’t get caught, then contact me.

Maree to the RESCUE!!! (imagine me with my cape)…

 

Maree’s Mobile Bookkeeping…. specialises in Rescue work – are you behind in your Bookkeeping, BAS and/or Tax obligations, Maree Punzet comes to the rescue.

Maree Punzet

Maree’s Mobile Bookkeeping

0429 363 047