7 things you need to know about the 2024-25 Federal Budget
This year’s Federal Budget delivers targeted supports and reforms regulatory settings to help ease the burden and costs on small businesses.
With Australia’s small businesses employing around 5.2 million people and contributing $500 billion to the economy, this year’s Budget delivers more than $640 million in practical and targeted support.
For a full budget break down, visit the 2024-25 Federal Budget website.
The Small Business Debt Helpline – a phone-based financial counselling service – and the NewAccess for Small Business Owners Program will be extended, providing tailored, free and confidential mental health support to small business owners
The Energy Bill Relief Fund is providing energy rebates to around 1 million small businesses on small customer electricity plans.
From 1 July 2024, a $325 energy bill relief rebate will be allocated to eligible small business.
The $20,000 instant asset write-off will be extended for a further 12 months. Small businesses with an annual turnover of less than $10 million will be able to deduct eligible assets costing less than $20,000 until 30 June 2025.
The Australian Government will abolish 457 nuisance tariffs on a range of imported goods from July 1 to help reduce compliance costs and simplify Australia’s trade system.
An additional 20,000 fee-free TAFE places in courses relevant to the construction sector will be made available in areas of priority skills.
New funding to support round 2 of the Digital Solutions program will be available to help small businesses adopt digital tools and embrace new opportunities through websites, selling online, social media, digital marketing, and more.
More support will be available to build cyber resilience and capability for small businesses, including the Cyber Wardens program and Small Business Cyber Resilience Service, and the new Cyber Health Check program – an online interactive tool to help small businesses to self-assess their cyber security maturity.
