It’s now December 2020 and Christmas is here, are you claiming all your business expenses?

Probably the last thing you would be thinking about is claiming your business expenses at this time of year. But only another 6 months’ time is EOFY, so we are mid-way and it’s a great time for businesses to go through what you are claiming as a business expense.

The ATO has found that ‘around 90% of small businesses are using a registered bookkeeper/tax professional to help them with their income tax obligations. That is music to my ears as it is important for Bookkeepers like myself to make sure businesses get their tax right.

Come time to do your tax return, are you claiming all of your business expenses?

Those businesses that keep good records and invest in a good bookkeeper will be less stressed when it comes to tax time in 6 months’ time.

Enlist a professional like myself to hep you with your books and uncover more to claim as businesses expenses.

Most people know that general office stationery, cost of renting your office or business space are some common expenses that can be deducted. But here are a few more that you may not know

– Cost of running your website, including maintenance, updates, service provider fees
– Marketing and promotional activities
– Tender fees, bet you didn’t know that, (even though that didn’t have a successful outcome)
– PR related expenses
– Parking related fees

Just to name a few.

Then if you operate and run a car for your business, you are also entitled to receive deductions.

If your business operates under a company or a trust there are additional motor vehicle claims as well.

But a few you can claim ie
– Registration
– Oil & Fuel
– Depreciation
– Interest on motor vehicle loans

Then there is repairs an maintenance on business machinery, tools, travel expenses for meals, parking, road tolls, fuel etc the list goes on and if you operate from home like many are now doing since COVID, you have home office cleaning expenses, percentage of phone and internet, stationery, home office equipment.

Give me a call, let me help you, so in six months’ time you won’t be stressed.

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!!

COVID-19 CRISIS, remember there are other things to consider!

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