Government support for small business passes Parliament
The Federal Government’s measures to support small businesses has passed in Parliament this week.
The Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 (the Bill) delivers measures announced in last year’s Budget to ease pressure and boost resilience for small businesses.
Key points
- The Bill will implement a $20,000 instant asset write‑off for assets first used or installed ready for use between 1 July 2023 and 30 June 2024
- This will improve cash flow and reduce compliance costs for small businesses with a turnover up to $10 million
- The $20,000 threshold will apply on a per asset basis, so small businesses can write‑off multiple assets
- Changes are scheduled to commence from 1 July.
The Government’s Small Business Statement in the Budget outlines more than $640 million in small business measures, including a further targeted 12‑months of the $20,000 instant asset write‑off and an additional $3.5 billion of energy bill relief to households and small businesses through the Energy Bill Relief Fund.
The Small Business Energy Incentive, a 2023–24 Budget measure designed to help small and medium businesses save on their energy bills, is designed to help small and medium businesses with turnover up to $50 million pay for upgrades to heating and cooling systems, install batteries and switch to energy saving electrical goods such as efficient fridges.
To read our comprehensive Budget overview please click the button below.
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