Over the last few years both the Coalition and Labor governments announced income tax cuts that have been applied in stages since 2018, including changes (known as the stage 3 tax cuts) that apply from July 2024. These changes are…

Small businesses are increasingly looking at ways they can leverage this technology to save valuable time and effort. A recent NSW Small Business Commission survey found that one in four businesses are currently using AI tools, with almost half of…

There are two new directives, first for the fast reaction mechanism aimed towards preventing VAT fraud. Second one is for the optional and temporary application of the reverse charge mechanism in relation to supplies of certain goods and services. Quick Reaction…

Financial statements may be used by different stakeholders for a multitude of purposes. Owners and managers require financial statements to make important business decisions affecting its continued operations. Financial analysis is then performed on these statements, providing management with a more…

Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting standards Board (FASB) Statement of…