On 7:30 pm (AEDT) on 29 March 2022, the then Treasurer, Josh Frydenberg, handed down the 2022‒23 Federal Budget. One of the main items in this budget was a temporary cut to fuel excise by 50% for 6 months. This fuel excise cut ended on 28 September 2022.   Interaction between excise tax and fuel tax credits   At the time of the March 2022 Federal Budget, the road user charge was sitting at 26.4 cents per litre. This meant that if you were

Minimum Wage Increased on 1 July 2022   The national minimum wage increased on 1 July by 5.2% to $21.38 per hour (or $812.60 per week).   The minimum wage increase applies to employees if an award or national minimum wage defines their pay rate.   This year, the Fair Work Ombudsman (FWO) has once again implemented minimum wage increases to awards in a staggered approach. Most awards increased on 1 July; however, some will increase on 1 October.   For full details of October award increases, visit 

Earlier this year, .au domain names were released for Australian websites and email addresses. This gives you the option of using a shorter and simpler domain name.   For existing business domain name holders, you have until 20 September to get the .au version of your domain name. However, you still have to buy it from a domain name provider and prove that you are eligible to own the .au version of the domain name. If there are no conflicting applications for

Your profit and loss statement (P&L) helps you understand your business performance and profitability over time. It’s sometimes called an Income statement and its main purpose is to list income and expenditure. Whereas a balance sheet is a snapshot in time, the P&L shows transactions over a specific period of time. This can be a month, quarter, financial year or any other period, and it can be a stand-alone report or a comparative period report. Together with the balance sheet, these two

Changes to superannuation from 1 July 2022 From 1 July 2022, there are several changes to superannuation laws that you may be able to take advantage of.     Changes to voluntary contributions If you are aged between 67 and 74, you will be able to make voluntary contributions into your superannuation without needing to meet the work test. Before 1 July 2022, if you were over the age of 67 you were required to work in gainful employment for at least 40 hours over

Minimum wage and award minimums are set to rise July 1st The Fair Work Commission’s annual wage review has resulted in two announcements made this week:   The National Minimum Wage will increase by $40 per week, (an increase of 5.2%) from 1 July 2022 Award Minimum Wages will increase by 4.6%, which is subject to a minimum increase for award classifications of $40 per week and based on a 38-hour week for a full-time employee.   Please note, A handful of awards will not have

https://www.cbaservices.com.au/wp-content/uploads/2022/06/birthday_time-lapse-1080p.mp4 We are 21 and we are thriving!   Today marks 21 years since CBAS was established. A milestone we are humbled to achieve.   A massive thank you to our hardworking and dedicated team! Whom over the many years have dedicated their knowledge and skills, helping our clients achieve financial independence.   And to our wonderful clients, we’d like to say thank you! It has been our pleasure working with you throughout the years.   We hope everyone has a prosperous year!

Tax Tips for small businesses 2022   Common Tax Deductions for Small Business Are you claiming all the business tax deductions that you are entitled to?   There are many expenses common to most small business, and there are other expenses that are specific to the nature of the goods or services that your business provides.   Operating expenses include accounting, administration, advertising and marketing, office premises, office running expenses, trading stock, legal fees, insurance and vehicle expenses. Employment expenses include salary and wages, fringe benefits, superannuation and

Make the Most of Superannuation Growth Strategies in 2022 There are many strategies you can use to grow your superannuation balance and make the most of available schemes. Here are some strategies to consider when planning for the end of this financial year and setting up your financial plans for next year.   First home super saver scheme – this allows you to save money for your first home within your superannuation fund by making voluntary contributions into your super fund. The concessional tax

What are your business goals for 2022?   The beginning of a new calendar year is an excellent time to review the year just finished and reflect on what worked, what didn’t, what you’d like to change and new things you’d like to implement.   Last year, there were inescapable impacts on businesses, with some thriving, others failing, and others just getting by. So what kind of year was 2021 for your business?   Take the time to review the year and acknowledge all that has