What Happens If You Overclaim on Tax?

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!!

What’s your thoughts on the minimum wage rise?

This excerpt is from the Sydney Morning Herald

‘Workers on the minimum wage will earn $753.80 a week, or $19.84 an hour after the rise, but employees in the sectors hardest hit by the coronavirus, including tourism and aviation, will have their wage increase delayed until February. Healthcare and other essential workers will get their rise in July while the rest of the workforce will have a pay boost in November. The wage increase also affects 2.2 million employees on industry awards tied to the minimum wage’

These are the industries that the minimum wage will affect.

Minimum wage increases by industry

From July 1 — frontline worker:

    • Frontline health care and social assistance
    • Teaching and child care
    • Other essential services
  • From November 1 — most industries:
    • Construction
    • Manufacturing
    • Most other industries
  • From February 1, 2021 — hardest-hit industries:
    • Accommodation
    • Arts and recreation
    • Aviation
    • Retail
    • Tourism

Does this affect you as a business owner and do you have a business in any of these industries?

If you are not sure if you are paying the correct rates or paying your employees the correct award, let Maree help you today.

Maree Punzet
Maree’s Mobile Bookkeeping | Over 20 years Bookkeeping experience | Qualified BAS Agent
M: 0429 363 047

Do you know what TPAR is?

TPAR stands for Taxable Payment Annual Report.

In a nutshell TPAR tells us about payments that are made to contractors for providing services.

When you think contractors, these can include consultants, independent contractors, subcontractors, they can be operating as sole traders (individuals), companies, partnerships or trusts.

When you look at the report which is generally found on the invoice you receive, it should have the following

  1. ABN (Australian Business Number)
  2. The person’s name and address
  3. The gross amount you paid to them, for the financial year (including any GST)

The ATO will use this information to identify the contractor/s who may have not met their tax obligations, hence why this report is so important.

If your business falls under one of these categories.

  1. Cleaning
  2. Building & Construction Industry
  3. Courier/road freight/delivery
  4. IT (Information Technology)
  5. Security, surveillance & investigation

If you have a business under one of these categories, they you may need to lodge a Taxable Payments Annual Report (TPAR), under the taxable payment reporting system (TPRS), by the 28th August 2020.

If your business is offering new or expanded services (as listed), due to the response of COVID-19 and the restrictions implied and you have been paying contractors to provide these services, then if you do not lodge your TPAR, the ATO can penalise for late or non-lodgement.

That is why it’s so important to make sure this is completed within the due date.

If you are concerned or need assistance, Maree is a Registered BAS agent and can lodge your TPAR.

Maree Punzet
Maree’s Mobile Bookkeeping | Over 20 years Bookkeeping experience | Qualified BAS Agent
M: 0429 363 047

Working in collaboration = All your EOFY needs under one roof

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



Job Keeper Applications are now ‘live’

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!

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

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

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

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
0429 363 047



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

There are a few things to check, from this article they talk about the following

  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
0429 363 047

Have you heard about Australian Expats facing a tax slug?

Read more here: 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


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

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

0429 363 047