Start your business
Start your business
Run your business
Run your business
Grow your business
Grow your business
Accountants and Bookkeepers
Accountants and Bookkeepers
- Accountants and Bookkeepers
  Learn how accountants and bookkeepers can be productive in these articles & guides
- Learning and Development
  A range of informative content to enhance your QuickBooks experience.
Updates
Updates
- Product Updates
  Watch this space for monthly product updates.
- Intuit News
  Latest news, articles & guides

Need help choosing a plan?

1800 917 771 Schedule a call

Schedule call

A person holding a pair of scissors in their hand.

2023/2024 Federal Budget to boost small business opportunities

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

Take the stress out of managing your firm

Free sign-up

Product training

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.

News

Intuit QuickBooks Australia ranks #1 in Canstar Blue’s 2022 Small Business Accounting Software Awards list

September 1, 2022

A person in a business suit and tie smiling.

accountants and bookkeepers

2022 Australian Accounting Awards: Intuit's Shaye Thyer nominated for Thought Leader of the Year

June 10, 2022

The Intuit Australia & ROW team posing for a picture in a building.

News

Innovating. Empowering. Delighting: Celebrating 10 years of Intuit in Australia

March 6, 2023

Looking for something else?

Get QuickBooks

Smart features made for your business. We've got you covered.

See how it works

Help Me Choose

Use our product selector to find the best accounting software for you.

Choose your product

QuickBooks Support

Get help with QuickBooks. Find articles, video tutorials, and more.

Start learning

Stay up-to-date with the latest small business insights and trends!

Want more? Visit our tools and templates!

First Name*

Email*

What best describes you?*

By signing up you are agreeing to our terms and privacy policy.

- - QuickBooks reserves the right to change pricing, features, support and service at any time. Prices are in AUD and include GST. See our Terms of Service for further information.
  - Pricing: All prices are in AUD and include GST.
  - ProAdvisor Program: Please find the terms of our ProAdvisor program here.
  - 75% off for 6 months: For new subscribers, enjoy a 75% discount off the current monthly retail price for QuickBooks Self-Employed, QuickBooks Online Simple Start, QuickBooks Online Essentials or QuickBooks Online Plus for the first 6 months of your subscription (Offer). The discount will applied from the date of your enrolment and will continue for 6 months. From month 7, you will be charged the then current monthly retail price for your subscription. See current prices here. QuickBooks Payroll and QuickBooks Time prices are not eligible for any discount and will be invoiced separately according to your usage on a monthly basis during your subscription. Intuit reserves the right to request information to verify the eligibility of a purchaser of the Offer. Acceptance of such verification information is at the reasonable discretion of Intuit, which may revoke the Offer and impose a monthly cost for the subscription at the then current retail prices, at any time if it considers the purchaser is ineligible for the Offer.
  - 50% off for 12 months: For new subscribers, enjoy a 50% discount off the current monthly retail price for QuickBooks Self-Employed, QuickBooks Online Simple Start, QuickBooks Online Essentials or QuickBooks Online Plus for the first 12 months of your subscription (Offer). The discount will applied from the date of your enrolment and will continue for 12 months. From month 13, you will be charged the then current monthly retail price for your subscription. See current prices here. QuickBooks Payroll and QuickBooks Time prices are not eligible for any discount and will be invoiced separately according to your usage on a monthly basis during your subscription. Intuit reserves the right to request information to verify the eligibility of a purchaser of the Offer. Acceptance of such verification information is at the reasonable discretion of Intuit, which may revoke the Offer and impose a monthly cost for the subscription at the then current retail prices, at any time if it considers the purchaser is ineligible for the Offer.
  - 30% off for 3 months (Advanced): For new subscribers to QuickBooks Online Advanced, enjoy a 30% discount off the current monthly retail price for the first 3 months of your subscription (Offer). The discount will apply from the date of your enrolment and will continue for 3 months. From month 4, you will be charged the then current monthly retail price for your subscription. See current prices here. QuickBooks Payroll and QuickBooks Time prices are not eligible for any discount and will be invoiced separately according to your usage on a monthly basis during your subscription. Intuit reserves the right to request information to verify the eligibility of a purchaser of the Offer. Acceptance of such verification information is at the reasonable discretion of Intuit, which may revoke the Offer and impose a monthly cost for the subscription at the then current retail prices, at any time if it considers the purchaser is ineligible for the Offer.
  - 30% off for 12 months (Advanced): For new subscribers to QuickBooks Online Advanced, enjoy a 30% discount off the current monthly retail price for the first 12 months of your subscription (Offer). The discount will apply from the date of your enrolment and will continue for 12 months. From month 13, you will be charged the then current monthly retail price for your subscription. See current prices here. QuickBooks Payroll and QuickBooks Time prices are not eligible for any discount and will be invoiced separately according to your usage on a monthly basis during your subscription. Intuit reserves the right to request information to verify the eligibility of a purchaser of the Offer. Acceptance of such verification information is at the reasonable discretion of Intuit, which may revoke the Offer and impose a monthly cost for the subscription at the then current retail prices, at any time if it considers the purchaser is ineligible for the Offer.
  - 30% off for 3 months (existing subscribers): For existing QuickBooks subscribers who upgrade to QuickBooks Online Essentials, Plus or Advanced, enjoy a 30% discount off the current monthly retail price for 3 months of your subscription (Offer). The discount will be applied from the date you upgrade in-product and will continue for 3 months. From month 4, you will be charged the then current monthly retail price for your subscription. See current prices here. QuickBooks Payroll and QuickBooks Time services and prices are not eligible for any discount and will be invoiced separately according to your usage on a monthly basis during your subscription. Intuit reserves the right to request information to verify the eligibility of a purchaser of the Offer. Acceptance of such verification information is at the reasonable discretion of Intuit, which may revoke the Offer and impose a monthly cost for the subscription at the then current retail prices, at any time if it considers the purchaser is ineligible for the Offer.
  - Free Trial: First thirty (30) days of subscription to QuickBooks Online, QuickBooks Self-Employed and QuickBooks Payroll (including QuickBooks Advanced Payroll), starting from the date of enrolment, is free. During the free trial, you may pay any number of employees using QuickBooks Payroll free of charge. To continue using QuickBooks after your 30-day trial, you'll be asked to present a valid credit card for authorisation and you'll be charged monthly at the then-current fee for the service(s) you've selected.
  - QuickBooks Payroll powered by Employment Hero: Payroll services are offered by a third party, Employment Hero. QuickBooks Payroll is only accessible via QuickBooks Online subscriptions. You will be charged $5.00 (incl. GST) per month for each ‘active employee’ paid using QuickBooks Payroll. An ‘active employee’ is one who has been paid at least once in the billing month. For Advanced Payroll, there is an additional monthly subscription fee of $10 (incl GST). Pricing, terms and conditions, including service options, are subject to change.
  * Employment Hero was voted the leading payroll solution for SMBs <50 employees (Australian Payroll Association 2021 Payroll Benchmarking Study)
  - Customer support: Call or chat to an expert for QuickBooks Online Accountant, QuickBooks Simple Start, Essential, Plus, and Advanced or use in-product QB Assistant and chat for QuickBooks Self-Employed. You'll also find useful resources in the QuickBooks Community.
  - Compatible Devices: QuickBooks Online, QuickBooks Self-Employed and QuickBooks Payroll require a computer with Internet Explorer 10, Firefox, Chrome, or Safari 6 and an Internet connection (a high-speed connection is recommended). The QuickBooks Online mobile app works with iPhone, iPad, and Android phones and tablets. QuickBooks Online and QuickBooks Payroll are accessible on mobile browsers on iOS, Android, and Blackberry mobile devices. Devices sold separately; data plan required. QuickBooks Payroll cannot be used on the mobile apps. Not all features are available on the mobile apps and mobile browser. QuickBooks Online mobile access is included with your QuickBooks Online subscription at no additional cost. Data access is subject to cellular/internet provider network availability and occasional downtime due to system and server maintenance and events beyond your control. Product registration required.
  - Get paid faster: Get paid 2.5x faster invoicing with PayPal
  * PayPal and QuickBooks customers get paid on average in less than 5 days, which is over 7 days faster than the average for invoices that get paid with other payment methods. Data is for paid invoices that were created in QuickBooks in Australia between 23.05.22 and 23.11.22
  - Tax deductions: Tax deductions not guaranteed due to being subject to user data entry errors. Mileage calculation provided by the Australia Taxation Office - 85 cents per kilometre for the 2023-2024 income year. To a maximum of 5,000 business kilometres per car (Deductions are only applicable to cars)
  - Customer Service Awards: Excellence in Customer Service Award at the CX Australia Awards 2022
  - Multiple file discount: Multiple file discount applies to QuickBooks Australia customers only and valid when signing up for more than one QuickBooks Online subscription in one order. Further terms and conditions available here. Not applicable to QuickBooks Self Employed.
  - Reviews: GetApp, Capterra, Google Play Store, Apple App Store reviews as at date 08/01/24.
  - Cost per day claim: Based on a QuickBooks Simple Start Plan at its regular retail price of $25 per month and a 31 day month.
  - Cost per day claim (annual): Based on a QuickBooks Simple Start Plan at its regular retail price of $270 per year and a 365 day year.
  - Annual Billing: You may pay for your QuickBooks Online subscription on an annual, upfront basis to enjoy a discount on the current fees. If you use QuickBooks Payroll powered by Employment Hero, your payroll costs will still be charged monthly to your nominated payment method in accordance with your usage as set out here. If you cancel your QuickBooks Online subscription within the pre-paid 12 month period, you will not be eligible for a refund, but will retain full access to your QuickBooks Online subscription for the remainder of the 12-month period. Unless cancelled by you prior, your annual subscription will auto-renew on the 12 month anniversary of your sign-up date using the billing details you have given us. Discounts, prices, terms and conditions are subject to change.
  - Over 7 million customers: Based on number of global QB customers (ecosystem) (7.1m) worldwide as of October 2022.
  - Free Onboarding: Applicable to Buy Now subscriptions on QuickBooks Simple Start, Essentials and Plus plans. Not available for QuickBooks Self-Employed.
  - Save Hours: Save up to an average of 29 hours per month with QuickBooks.
  - * Based on a survey conducted by Intuit Australia Pty Ltd in September 2022. Time saving is in comparison to previous accounting method, based on 184 responses from customers that saw time savings.
  - Get access to QuickBooks Tax: ***Access QuickBooks Tax, powered by LodgeiT, by becoming a member of the QuickBooks ProAdvisor Program (it’s free to join). Find out more about the ProAdvisor Program here, including the terms of the QuickBooks Tax offer in the Program here.
  - QuickBooks Time Disclaimers & Offers for Australia: For Important pricing offers and disclaimers with further information, please see here.
  - *Full terms and conditions for access to QuickBooks Tax, powered by LodgeiT as part of the the Proadvisor Program can be found here. QuickBooks reserves the right to change pricing, features, support and service at any time.
  - **Intuit conducted a study involving 56 interviews with accountants and bookkeepers who used Books Review for BAS preparation between March to December 2021 and found that when using Books Review, participants reduced the time spent preparing their clients BAS Reports by around 40%.
  - Our Terms of Service apply to all QuickBooks Online subscriptions. Please review them carefully.