Table of contents
This article is only for educational purposes and does not constitute legal, financial or taxation advice. Make sure you consult a professional regarding your unique business needs.
1. Energy rebates for small businesses
The government will provide energy bill relief to around 1 million small businesses, in the form of $325 rebates. The rebates will be automatically applied to electricity bills in quarterly installments. This complements the $300 tax credits that all households will receive, meaning that small businesses owners could receive energy bill relief both at home and at work.
2. $20,000 instant asset write-off
The instant asset write-off incentive has been extended for an additional 12 months. This means small businesses with an aggregated annual turnover of less than $10 million can continue to immediately deduct eligible depreciating assets (including business hardware and software) costing less than $20,000, which are first used or installed ready for use by 30 June 2025. The asset threshold applies on a per asset basis, so small businesses can instantly write off multiple assets.
3. Improving payment times
$25.3 million has been allocated over four years from 2024–25 to improve payment times for small businesses. This will ensure the Payment Times Reporting Regulator can deliver its expanded functions, name slow paying big businesses, and remain a reliable source of information for small businesses.
4. Small Business Debt Helpline
The government is extending funding for a number of mental health services and support focused on small businesses facing challenging circumstances. This includes funding the NewAccess for Small Business Owners program, which provides tailored, free and confidential mental health support in addition to the Small Business Debt Helpline – a national, free and confidential phone-based financial counselling service.
To find out more, you can access the full Budget papers here.
