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2023/2024 Federal Budget to boost small business opportunities

By QuickBooks Australia

Published on May 10, 2023

Update: As of 23 June 2023, the Federal Government has announced $1.5 billion in tax incentives for small to medium businesses. This investment includes the enactment of the Technology Investment Boost, an initiative proposed by the Morrison Government in the 2022 Federal Budget.

If you’re a small business with an annual turnover of less than $50 million you will be able to deduct an additional 20% of the cost of business expenses and depreciating assets that support digital uptake, including your QuickBooks Online subscription. This relief will be backdated to March 29, 2022.

On 9 May 2023, Federal Treasurer Jim Chalmers delivered the Albanese Government’s second Budget. The focus of the 2023-24 Australian Federal Budget was firmly on addressing the rising cost of living and fixing the housing crisis.

Initiatives for small businesses

There were, however, still many new programs and initiatives announced that were designed to bolster the nation’s engine room – the small business sector.

Federal Treasurer Jim Chalmers announced a million small businesses will receive a one-off $650 cut to their power bills.

Another key measure that will affect small businesses was the extension of the instant asset tax write-off and a temporary increase of instant asset write-off threshold to $20,000 from 1 July 2023 until 30 June 2024. To be eligible, the following criteria must be met:

Aggregated annual turnover of less than $10 million
$20,000 threshold applies per asset, allowing multiple asset write-offs
Assets valued at $20,000 or more can be placed into simplified depreciation pool
Provisions preventing re-entry into simplified depreciation regime remain suspended until 30 June 2024

Federal Treasurer Chalmers also shared the following initiatives for small businesses:

A $14.6 billion cost-of-living package
$1.5 billion energy price relief
Help for small businesses to adopt digital technology
A new Small Business Energy Incentive to support investments in power-saving assets
A $392.4 million industry grants program for commercialisation of early stage ventures
An investment of $21.8 million to lower tax-related administrative burdens for small businesses

Technology and manufacturing sector

A range of other measures designed to boost Australia’s tech skills and manufacturing sector were also announced. These include:

A Powering Australia Industry Growth Centre to boost manufacture of renewable technologies
Funding for quantum computing and AI
$286 million for investment in the creative sector
$3.7 billion for a five year national skills agreement with states and territories
300,000 fee-free TAFE places to train people in critical and emerging sectors
A new Australian Skills Guarantee to encourage more women to take-up apprenticeships

However, there were a number of initiatives relating to technology and digitising Australia’s small businesses missing from the Budget:

No incentives for e-invoicing, improving payment times, or enhancing support from Australian Small Business and Family Enterprise Ombudsman
No improvements to Research & Development Tax Incentive for SMEs

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Additional support for businesses

The Treasurer noted in his Budget speech additional measures intended to assist businesses, to “create new opportunities across our economy.” These measures aim at improving business cash flow, reducing the burden of tax compliance, and improving the energy efficiency of small businesses, as follows:

Tax Instalment Adjustments for Improved Cash Flow:
GDP adjustment factor for PAYG and GST instalments reduced from 12% to 6%
Cash flow support provided to small businesses and PAYG instalment taxpayers
New rate applies to eligible businesses and individuals
Reducing Tax Compliance Burden for Small Businesses:
$12.8 million allocated for trial expansion of ATO independent review process
$9 million allocated for establishing 5 new tax clinics
Reforms include allowing tax agents to lodge multiple Single Touch Payroll forms, reducing use of cheques, and permitting up to 4 years to amend income tax returns
Small Business Energy Incentive:
Government incentives for small and medium businesses to improve energy efficiency
Additional 20% tax deduction for eligible depreciating assets up to $100,000
Eligible assets include energy-efficient appliances, electrification supporting assets, and demand management assets
Incentive period runs from 1 July 2023 to 30 June 2024
Exclusions include electric vehicles, renewable electricity generation assets, capital works, and off-grid fossil fuel assets.

Retirement savings also in focus

A number of measures announced at this year’s Budget have been designed to shake up the super system.

From 2025, earnings from superannuation funds with balances of more than $3 million will be taxed at 30%, up from 15%.

From 1 July 2026, superannuation contributions will be required to be paid to workers each payday.

These changes will be automatically incorporated into Intuit QuickBooks.

Emphasis on renewables

As Australia moves towards its net zero 2050 target, there is considerable funding for green energy in this year’s Budget. This includes:

$2 billion for the new Hydrogen Headstart program
$4 billion to become a renewable energy superpower
A Capacity Investment Scheme that will unlock more than $10 billion of investment in already-announced renewable energy projects along the east coast

Numbers tell the story

This year’s Budget has been tabled in Parliament against a subdued economic backdrop. According to the Federal Treasurer’s figures, economic growth is forecast to drop to 1.5% in the 2024 financial year, before rising to 2.25% the following financial year.

The good news is next year inflation is expected to fall to 3.25% from current highs of around 7.0%. It is expected to be back within the Reserve Bank of Australia’s target band of 2% to 3% by the 2024/25 financial year. Unemployment is expected to remain at a low of 4.25% in 2023/24.

Overall, it was a more conservative Budget, designed to reflect the restrained economic outlook.

Join us for the Pro Power Hour Federal Budget edition

With cost of living pressures continuing to impact our clients and an uncertain economic landscape ahead, it's critical that Advisors have a solid understanding of the reliefs available in the Budget, and are across any new compliance measures.

On Tuesday, 16 May, Senior Advocate at The Tax Institute, Robyn Jacobson, CTA, will provide expert coverage of what the Federal Budget means for your clients, and your firm, in this special edition of our Pro Power Hour webinar series. Register for this free Federal Budget webinar.

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2023/2024 Federal Budget to boost small business opportunities

Initiatives for small businesses

Technology and manufacturing sector

Additional support for businesses

Retirement savings also in focus

Emphasis on renewables

Numbers tell the story

Join us for the Pro Power Hour Federal Budget edition

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