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Understanding how to evaluate an income statement is a critical skill for investors, business owners, and financial analysts.An income statement provides a snapshot of a company’s financial performance over a specific period, detailing its revenues, expenses, and profitability.Step 1: Understan ...

The 2025-26 Federal Budget focuses on economic resilience, cost-of-living support, and long-term investments in Australia’s future. Treasurer Jim Chalmers has outlined key policies aimed at addressing global uncertainties, supporting businesses, and strengthening essential services.The governmentâ ...

1. Fringe benefits tax (FBT) - Key Changes for the Upcoming YearSimplified Record-Keeping: From this FBT year, you can use existing corporate records instead of travel diaries for certain fringe benefits, as long as they meet the required information for your FBT return.End of PHEV ...

Running a business in Australia means navigating complex tax laws, maintaining accurate financial records, and ensuring compliance with various regulatory requirements. At Carisma Solutions, we understand that audits are a crucial part of this process. Our Audit Support Services are designed ...

In today’s complex financial landscape, maintaining compliance and transparency in financial operations is crucial for businesses and individuals. General audits and Self-Managed Super Fund (SMSF) audits are essential for ensuring that financial records meet regulatory standards and are free from ...

Australia is introducing pioneering transparency reporting legislation aimed at enhancing corporate accountability and promoting tax fairness. This move is part of the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 and targets multinational corporations with sig ...

The recent changes to Australia’s thin capitalisation rules involve new earnings-based tests for certain entities, replacing the previous asset-based rules.The aim of these changes is to align Australia's thin capitalization rules with the best practice approach of the Organisation for Economic Co ...

In Australia, there is currently a severe housing affordability crisis. To address this issue, the government has introduced tax measures aimed at the Build-to-Rent (BTR) sector. These measures include reducing income tax, stamp duty, and land tax for BTR investors. The goal is to make BTR projects ...

As tax time approaches, the Australian Taxation Office (ATO) has highlighted three common errors made by taxpayers that it will pay close attention to.Work-related expensesDeductions on rental propertiesFailing to include all income when lodgingMore than 8 million people claimed a work-related deduc ...