Small and medium-sized businesses are at the front and centre of the 2023 Federal Budget, with spending focusing on energy price relief, skills and training, and cyber security to help businesses grow and boost productivity.
Eligible small businesses will receive immediate help with power bills through the $3 billion Energy Bill Relief Fund.
More than 420,000 South Australian households and 86,000 South Australian small business will be eligible to receive electricity bill relief. Households eligible under the plan will receive rebates of $500, while eligible small businesses will receive rebates of $650.
The South Australian Government has committed $127.2 million for the National Energy Bill Relief Plan, which will be matched by the Commonwealth dollar for dollar.
Small and medium-sized businesses that invest in energy efficient equipment could be eligible for a tax deduction of up to $20,000.
If your business has a turnover of less than $50 million, you could get a tax break for electrifying your cooling and heating systems, installing batteries and heat pumps, integrating efficient fridges and induction cooktops, to cut energy consumption and become more sustainable.
The budget has allocated up to $290 million in cash flow support through the $20,000 instant asset write-off. Small businesses with an annual turnover of less than $10 million will be able to deduct eligible assets costing less than $20,000 from 1 July 2023 until 30 June 2024.
As cyber risks grow and evolve, so too does the need for small and medium-sized businesses to be informed, prepared and ready to respond.
The Budget will invest $23.4 million to help small businesses build in-house capability to protect against cyber threats. The program will be delivered by the Council of Small Business Organisations Australia.
A new $392.4 million Industry Growth Program will provide grants to help startups commercialise new ideas into products and services. Support will be targeted towards businesses operating in the priority areas of the National Reconstruction Fund.
The budget has allocated $101.2 million over 5 years to support the development and uptake of critical technologies to enable businesses to integrate quantum and artificial intelligence (AI) technologies into their operations.
It will also extend the National AI Centre in supporting responsible AI usage and create an Australian Centre for Quantum Growth to connect and amplify Australia’s quantum ecosystem.
For more information and to read budget documents, visit the Budget 2023-24 website.