Entries by JigsawReview

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A matter of Trust

Explaining how a Trust structure works to a client who does not have a legal or accounting background is difficult.  In fact, explaining a trust to someone who does have an accounting background can sometimes be difficult as well.  Trusts are complex beasts.  I spent a semester of my Masters degree intensely studying the topic […]

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Tax Evasion: What It is and What It’s Not

‘Tax evasion’ is a broad term and it is not quite as simple as it might seem at first. In this article, I will unpack the meaning of the term and outline how the ATO decides which acts constitute tax evasion and which do not. What we call ‘tax evasion’ are actually two separate but […]

Income Protection in Super: 10 Good Reasons to Reconsider

Many Australians have Income Protection (IP), or Salary Continuance. A great many will have a policy owned in superannuation. Few will understand the disadvantages of owning this important cover in superannuation. 1 tier vs 3 tier definitions – Super IP will have only one definition to assess your claim under. Non-super policies will offer three […]

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Super Contributions – $25,000 limit

A reminder that as 30 June is approaching, that individuals can now contribute directly to their super and claim a tax deduction. If you have spare financial capacity, this may be a great way of saving on tax and boosting your retirement income. Individuals can contribute up to $25,000 per annum. Note that is amount […]

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Using the HowNow System

Our new HowNow system makes it easier for you to sign and send through your documents. You might need to use HowNow to exchange things like tax returns, Business Activity Statements and DFRs with us. Here’s what you need to know about using it. You will receive an email inviting you to activate your HowNow […]

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Wages – Cash or on the Books?

Many businesses continue to pay their staff cash wages for a variety of reasons – but what’s in it for you – the employer? Advantages of paying your staff with cash wages When reviewing wage expenses, and we identify cash wages, we hear all sorts of excuses – some potentially valid and some purely to minimise […]

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Cryptocurrency: how tax affects blockchain currencies

  For decades, accountants and tax authorities have grappled with how to value, trade and eventually tax intangibles. Over time, we’ve come up with ways to effectively manage intangibles such as brand names, rights, trademarks, systems and even how much a business is valued by an owner, over and above the tangible assets – goodwill. […]

Choosing your business structure

Australia’s complex tax laws and regulations make it time-consuming and costly to choose a small business structure. Jigsaw Tax & Advisory can provide guidance and assistance in helping you choose the correct structure for your business. The choice of structure will depend on the size and type of business, your personal circumstances and how much […]

Key Changes to FBT for 2018

Fringe benefits are an important part of business and can be a useful way of attracting quality staff. However, if you’re going to provide fringe benefits to your staff, you need to be aware of your taxation obligations. Fringe Benefits Tax (FBT) can be difficult to understand, particularly when the government constantly makes changes to […]

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Is This the End of Cash Being King?

One of the ATO and Commonwealth’s key focuses in recent times has been the cash and hidden economy. Particularly, the ATO is concerned about businesses who advertise ‘cash-only’ or deal mainly in cash. We can see that the ATO and the Commonwealth are both pushing for more transactions to be electronic – by regulating merchant […]