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Federal Budget 2024 – Small Business Matters

2024 Budget

It's out!

Here are highlights from this month's Federal Budget 2024-25 announcements.

Checkout what they mean for you and your Business.

  • The instant asset write-off policy has been extended for another year. This allows Businesses with a turnover below $10 million to an immediate deduction of $20,000 per eligible asset.
  • The Budget also sets aside $641.4m over the next financial year for ‘targeted support’ to small Business including the above initiative.
  • Includes energy bill relief of $325 to eligible small Businesses 
  • Investment to deliver and expand the Digital ID System and
  • Building cyber resilience, providing free cybertraining for Small Business operators and their staff.
  • To help increase the number of Apprentices and Tradies includes funding for 20,000 new fee-free TAFE, VET, and pre-apprentice courses related to the housing sector, and $1.8 million to help fast-track assessment of potential migrants, that may have relevant construction-related qualifications.
  • The government has pledged to expand its ‘new energy’ apprenticeship scheme to encourage greater uptake.
  • Stage 3 tax-cuts from 1 July this year:Reduce the 19% tax rate to 16%; reduce the 32.5% to 30%; increase the 37% tax threshold from $120,000 to $135,000; increase the 45%  tax threshold from $180,000 to $190,000.

Other: 

  • To support the mental health and wellbeing of small Business operators Government will invest an additional $10.8mil to extend both the Small Business Debt Helpline and the NewAccess for Small Business Owners programs. Both nationwide programs are available free to small businesses.
  • Will provide $2.6mil over four years for the Australian Small Business and Family Enterprise Ombudsman to help those Businesses without legal representation to access alternative dispute resolution services.
  • Has allocated $3 million over two years to implement its response to the recent review of the Franchising Code of Conduct.
  • Providing $21.9mil to support social enterprises and employers to engage job seekers through paid employment placements of up to six months. 

 

Need help or advice on unravelling the Budget and what it means to you, your Business, contact Blackburn Accounting we are your family Business specialists.