The Federal Budget, announced on 14 May 2024, provides a range of support programs to help improve the operating environment for small business owners.
The Budget provides $641.1 million in targeted support for small businesses. Here is an overview of the key announcements likely to have an impact on small businesses.
Please note: these announcements will need to be passed as law through the Federal Parliament.
Tax related measures
Instant asset write-off extended
The instant asset write-off has been extended for an additional year. Under the scheme, eligible small business owners can deduct up to $20,000 per business asset/resource for the 2024-25 tax year. These purchases must be installed and ready for use in your business between 1 July 2024 and 30 June 2025.
Small business support programs
Energy bill relief
Eligible small businesses will receive a credit from the Federal Government towards their electricity costs. This is in addition to the $400 in energy bill relief announced by the Western Australian Government as part of the 2024-25 State Budget announced on 9 May 2024.
Industry Growth Program
$392.4 million has been committed to the Industry Growth Program which aims to help small to medium sized start-ups commercialise their business ideas and grow their operations. The program will provide business grants and mentorship programs.
Defence industry grants
$183.3 million will be invested in defence industry grants to support small and medium businesses. This includes the development of the Defence Industry Development Grant Program that aims to provide more opportunities and reduce the administrative load on small and medium business owners.
Increased contract opportunities
To help small businesses increase their opportunities to win Government contracts, the Federal Government will be reviewing and simplifying its procurement process.
Cyber security support
In order to help small business owners build their in-house capability to protect themselves from cyber threats, the Federal Government will:
- Continue to facilitate the Cyber Wardens program, providing free online training for small business owners and their staff.
- Provide funding to the Small Business Cyber Resilience Service, which helps businesses build their cyber resilience and provides support when businesses are affected by a cyber incident.
- Fund the Cyber Health Check interactive tool that will help businesses assess their cyber security maturity.
Small business support programs;
The Federal Government will continue to fund the NewAccess for Small Business Owners mental health program and the Small Business Debt Helpline. Both services provide free and confidential support to business owners across Australia. Funding has also been committed to:
- Implementing a government response to the recent review of the Franchising Code of Conduct.
- Funding to support the Fair Work Ombudsman to assist small businesses to understand and comply with workplace relations changes.
- $10 million in support of employers administering the paid parental leave scheme.
More information
Visit the Budget 2024-25 website for more information on these and other commitments announced as part of the Federal Budget.
