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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
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 […]
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 […]
We now live in an era where every aspect of business management that used to be on paper is now done digitally. What’s more, we are rapidly moving into a period where everything that was once done online. This is an exciting time for business owners as so much of the work involved in running […]