Entries by JigsawReview

, ,

Our New Recession

I was just finishing university when Australia had its last recession and I honestly don’t remember that much about it.  I do recall our then Treasurer Paul Keating famously declaring that this was “the recession we had to have” and getting my first job as a graduate was very difficult, but the gravity of the […]

, ,

A tax mum’s letter to first time taxpayers

It’s that time of year again, and I will no doubt be having the same conversation with many of my children’s friends who are new at lodging tax returns.  They will want my help to get as much tax back as possible and explain why their expectations do not necessarily match the reality of the […]

JobKeeper 2.0

Yesterday, Tuesday 21st of July, the Prime Minister Scott Morrison and Treasurer, Josh Frydenberg have released details for the much touted Jobkeeper extension program.   Jigsaw Tax will await the formal legislative governance set to be provided by Treasury in the Economic Release due on Thursday, 23rd of July 2020 before advising on the implications […]

The Apprentice

Love them or hate them, Tradies almost certain started their career as an Apprentice.  It may be challenging to employ a young person and teach them your trade, but there are some advantages to hiring apprentices in your workforce. In March 2019 there was 276,250 workers in training making up 2.2% of the workforce.  In […]

How To Record Stimulus (Intuit QBO)

We’ve put together a few quick and easy to follow video guides on how to correctly record your stimulus payments in QBO How to record JobKeeper payments Step 1 – Create a new account for JobKeeper income https://www.loom.com/share/d094d5d180a8409eb847a1f2f5a18091 Step 2 – Reconcile payment from ATO to the JobKeeper income account https://www.loom.com/share/70049d1690e44d4f93f1ccb2e64016ec  How to record Cash […]

How To Record Stimulus (Xero)

We’ve put together a few quick and easy to follow video guides in how to correctly record your stimulus payments in Xero How to record JobKeeper payments Step 1 – Create a new account for JobKeeper income https://www.loom.com/share/7dd605b361de40f39868871397e27c63 Step 2 – Reconcile payment from ATO to the JobKeeper income account https://www.loom.com/share/7ccb72be07274d9398f1cb881228c25a   How to record […]

The Hidden Cost of Jobkeeper Payments

Today was the first day for eligible employers to begin enrolling into the Jobkeeper Scheme. To do so, an employer has already had to: Determine that they are eligible under the GST Turnover reduction test. Interpret various pieces of legislation and guides to ensure correct calculation or forecasting Identified, contacted, and obtained copies of the […]

, ,

Jobkeeper – the Good, the Bad and the Ugly

Over the last few days, we’ve been busy researching all the new information that has been released, and what that means for tax professionals and their clients. We’re still receiving updates and clarification from the ATO as late as Friday night on the intricate details on how the Jobkeeper Scheme will apply from Monday. I […]