What does the 2023-24 Federal Budget mean for small business?

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There was a wide range of measures announced at this year’s Federal Budget that are designed to help support small business owners with cost pressures and contemporary challenges.

Some of the key measures announced include:

Small business asset write-off extended and increased

The Australian Government is increasing the instant asset write-off threshold to $20,000, from 1 July 2023 until 30 June 2024. Small businesses, with aggregated turnover of less than $10 million, can deduct up to $20,000 per business asset/resource for the 2023-24 tax year. These purchases must be first used or installed ready for use in your business between 1 July 2023 and 30 June 2024.

Learn more about the $20,000 instant asset write-off.

Small Business Energy Incentive

This tax incentive* will provide an additional 20 per cent tax deduction (up to $20,000) for eligible assets that support electrification and more efficient energy use, from 1 July 2023 until 30 June 2024.

Businesses will be able to make investments like:

electrifying your heating and cooling systems
upgrading to more efficient fridges and induction cooktops
installing batteries and heat pumps.

*This incentive does not apply to electric vehicles.

Learn more about the Small Business Energy Incentive.

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Energy Bill Relief Fund

The Australian Government is partnering with state and territory governments to deliver up to $3 billion of electricity bill relief for eligible small businesses. From July 2023, this plan will deliver up to $650 for eligible small businesses, however the total amount of bill relief will vary across our states and territories.

Learn more about the Energy Bill Relief Fund for small businesses.

Cyber security support

The Government will also fund measures to help protect small businesses against cyber threats through a $23.4 million program to help them train in-house cyber wardens. The program will be delivered by the Council of Small Business Organisations Australia (COSBOA).

See how the Government is supporting Cyber Wardens.

Funding for small businesses and start-ups

$392.4 million has been committed to the Industry Growth Program which aims to help small to medium sized businesses and start-ups to commercialise their business ideas and grow their operations. The program will provide business grants and mentorship programs.

Resources: Midland NSW Stamp Duty Exemption Declaration Form,