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When using your business money and assets for private purposes.

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Businesses are required to keep accurate records of such transactions, if they are using business money and assets for private purposes.

There could also be tax consequences too.

You may have to report these transactions in the company or trust’s tax returns and also your individual tax return. It is always important to keep accurate records of transactions.

You may have to:

  1. Report these transactions in the company or trust’s tax returns and your individual tax return
  2. Account for these amounts in a certain way to minimise unexpected tax consequences

Now the next question is, who needs to know? All must be recorded and reported for tax purposes.

If you are an individual who
1. Is a director/shareholder that operates a small business (your business)

  1. Is a trustee or beneficiary of a trust, that operates a small business (your business)
  2. Is a director of a corporate trustee for a trust that operates a small business (your business)
  3. Is or has been an associate of the shareholder (individual or entity). An associate can include a relative, partner, spouse, or another entity controlled by a shareholder

For more information in relation to using your business money and assets for private purposes, click on this link below.

Using your business money and assets for private purposes | Australian Taxation Office (ato.gov.au)

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

Considering outsourcing your bookkeeping?

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Before we get into how much does it cost, you need to be aware of the following –

My qualifications – it is a legal requirement that I have qualifications to be able offer a bookkeeping service, starting with a Cert IV. I have been assessed and registered by the Tax Practitioners Board to undertake BAS and GST bookkeeping services.

My experience – with 20+ years’ experience I’ve seen a lot. I have rigorous checks in place to ensure you are meeting all your legal obligations as a business.

My service offerings – not all bookkeepers deliver the same service. As well as ensuring your books are up to date and correct. I am able to lodge your BAS. I also offer a payroll service. I’ll also review your ongoing expenses to monitor your cash flow.

It is with this information that I can determine what your business requirements are and provide a price that reflects.

Additionally, I offer a free bookkeeping health check (see below) that assists you and me in determining what’s right for you.

While keeping in mind that outsourcing adds another cost for your business, the funds you outlay for bookkeeping services are a taxable expense. In some cases, I have actually saved clients’ money.

As your virtual bookkeeper, I am a trained, accredited professional with 20+ years’ experience that will ensure that your business books are kept up to date while you do what needs to be done.

Here at Maree’s Mobile Bookkeeping I am a partner in your business, making your business journey that little bit simpler to save time, relieve stress and make more money.

Now when it comes to cost, all it takes is a phone call for a quick chat. I can custom make a package for you or look at considering one of my bookkeeping packages, believe me, outsourcing for my services is not expensive.

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

What is the Single Touch Payroll Phase 2?

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You can also find this information on the ATO website, link below:
https://www.ato.gov.au/Business/Single-Touch-Payroll/Expanding-Single-Touch-Payroll-(Phase-2)/

The Government announced the Single Touch Payroll in the 2019-20 budget and at that time, they did say there would be an expansion of STP, known as STP Phase 2.

What this will do, is reduce the reporting burden for employers who need to report information about their employees to multiple government agencies.

I would think that is a sign of relief for many employers.

The mandatory start date for Phase 2 reporting starts 1st January 2022.

The ATO have notified that Digital Service Providers (DSP’s) who may need more time to make the changes and update their solutions to support STP 2 can apply for a referral for their customers.

So there is a flexible approach to this transition, therefore if your solution is ready for 1 January 2022, you should start Phase 2 reporting. If your solution is ready and you can start Phase 2 reporting before 1 March 2022, then you will be considered to be reporting on time and you won’t need to apply for more time.

You can also apply for a delayed transition from December 2021. There will not be any penalties for genuine mistakes for the first year of Phase 2 reporting until 31 December 2022. This includes employers who have already started Phase 2 reporting.

The benefits for employers are you will no longer have to send the ATO the employee’s TFN declarations. The employees will provide it to you and you will need to keep it with your employee records.

‘If you make a Lump Sum E payment, you won’t need to provide Lump Sum E letters to your employees. You’ll have included the amount and the period it relates to.
If you change software or your employee’s payroll ID, you can tell us in your STP report if your solution has this functionality. This will help fix issues with duplicate income statements for employees in ATO online services through myGov

You may no longer need to provide separation certificates when your employees leave. The date and reason an employee leaves will be in your STP report.
You can also voluntarily report child support deductions and/or garnishees through STP. This reduces the need to send separate remittance advices to the Child Support Registrar’
If this sounds all too confusing, then give me a call on 0429 363 047, I can take care of this for you and so much more.

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

Do you know about the changes to unpaid parental leave entitlements?

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The Fair Work Act was amended on the 26th November 2020, to include new unpaid parental leave entitlements for parents, who experience the traumatic events during or ahead of their unpaid parental leave.

In other words, this includes premature birth, stillbirth, death of a child.

It’s something we don’t want to talk about or even think about, but these changes will enable all eligible parents to access up to 30 days of their unpaid parental leave. This only applies to a child born or whose placement happens on or after 27th November 2020.

It is hard to fathom what parents go through during these traumatic events.

Even though I talk about business, bookkeeping and PAYG etc, these events do happen to so many people, which is so unfortunate and as a bookkeeper, I keep abreast with these changes which may affect you or your employee.

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!!

ATO is flipping the switch on debt recovery

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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!!

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!!

 

 

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

 

How much time do YOU spend on bookkeeping per week?

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This is a question I ask every single new client that calls or email or PM me, because most people say, I spend from this many hours per week to actually a full day over the weekend, just to enter my invoices.

That isn’t even including paying wages or following up invoices that haven’t been paid or BAS. Do you see where I am getting at.

Most people are spending pending on the size of their business from the sole trader to those with around 5-20 staff then to the larger businesses of 50-100 staff. Now your probably thinking a sole trader has the time to do their own bookkeeping, your wrong.

Most small business ie the sole trader are so busy working on other areas of their business that the Bookkeeping gets put to the side, in the too hard basket and many times this is where mistakes are made and when you’re a sole trader, you don’t want to be making mistakes or errors because it will cost you and as a sole trader you know that every cent counts.

Now for those that are medium or larger businesses that may or may not have their own accounts department, why would you think they would outsource to someone like me who works offsite. Great question.

The answer is to save money. Having an onsite Bookkeeper or Accounts Department costs money. Staff wages, super, leave entitlements, where they can outsource the same work to me at a fraction of the price.

Now look at your situation, are you spending 10, 20, 30 hours per week on bookkeeping?

Give me a call, because you will be surprised how little it will cost you and you have someone only a phone call away to answer any questions.

Someone that does your work without questions, is efficient…

So use your time wisely in business, outsource to Maree today.

Maree Punzet
Maree’s Mobile Bookkeeping
0429 363 047

What’s the trend when it comes to Bookkeeping in 2019?

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This article below explains more about those new trends that are happening in the Bookkeeping industry. https://www.thesmallbusinesslounge.com.au/bookkeeping/bookkeeping-trends-2019/

1. Automation + Cloud Accounting
2. Code-free processes
3. Blockchain technology
4. Open Banking

If you want to learn or know more, contact me today.

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

Maree does more than just Bookkeeping!

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If you haven’t already, you must check out Maree Punzet’s website, the link is www.mareesmobilebookkeeping.com.au

Maree doesn’t only do just Bookkeeping, Tax returns and BAS Statements, she also does Financial Management.

Maree has been in business over 20 years and has years of experience when it comes to Financial Management.

Wouldn’t you prefer to outsource this area of your business? I know I would!

These are the areas that Maree Punzet can help you with:

Accounts Management/Accounts Receivable

·       Invoicing, and basic debt collection cost is $70 a month up to 15 invoices.

·       Extra invoices are charged at $3 per invoice

Accounts Payable

·       She can process your supplier payments for you. Cost is $70 a month for up to 15 suppliers.

·       Extra supplier payments are charged at $5 per invoice.

Prepare all financial reports

·       Profit and loss, graphs to compare sales from one quarter to the next, or one year to another.

·       This is $200 a month per report and included will be dot point on trends and analysis.

Payroll Processing

·       1-5 employees = $110/month

·       5-10 employees = $150/month

·       10+ employees = $220/month

·       Includes payroll processing, superannuation calculation and lodgement, preparation of end-of-year payment summaries and electronic reporting with the ATO

So for the cost of actually outsourcing these tasks to Maree is small in comparison to your time. So if you want someone that can get the job done accurately and on time, then do not hesitate to contact Maree Punzet from Maree’s Mobile Bookkeeping on 0429 363 047.