Posts tagged "federal budget for SMEs"

Small businesses should be going back to basics and understanding a few tax measures that are ending and working out the best course of action for their business.

Small businesses need a sustainable tax system that will encourage investment and generate economic growth.

SmartCompany was fortunate to discuss those policies with Small Business Minister Julie Collins in her first SME-focused interview since budget night.

According to the author, despite a government contract till 2025, the Entrepreneurship Facilitators program was scrapped in budget 2023.

COSBOA chair Matthew Addison gives his assessment of the 2023 federal budget, and what else the government needs to do to support small businesses.

Work is set to commence on a new pathway for small business representative bodies to fast track their complaints to Australia’s competition regulator.

Cash flow support for small businesses will come through a halving of the adjustment factor applied to Pay As You Go (PAYG) and GST instalments.

The instant asset write-off threshold will temporarily rise to $20,000, giving small businesses another chance to invest in their operations and immediately deduct the full cost of depreciable expenses from their tax bill.

The federal government will invest $23.4 million over the next three years to help small businesses build their resilience to cyber threats by training in-house cyber experts.

The full scope of the expectation-defying document will come into focus in the days to come, but here are the key policies and updates for SMEs delivered by the Albanese government’s first ‘full’ budget.

In the lead up to this year’s federal budget, we consistently heard two key themes in our conversations with small business owners and startup founders, and the groups that represent them. 

SMEs will now have another 12 months to take advantage of the massive asset write-off scheme. So how does it work exactly?