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Government announces new support for Australia’s SMEs

September 16, 2023
in Business
Government announces new support for Australia’s SMEs
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The Australian government has taken significant steps to bolster the country’s small and medium-sized enterprises (SMEs) by introducing the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 to Parliament.

These measures, originally outlined in the 2022-23 Budget, aim to provide practical support to SMEs, recognizing their vital role in Australia’s economy.

Empowering SMEs with Schedule 1

Schedule 1 of the Bill introduces a standout provision—a one-year, $20,000 instant asset write-off. This initiative is poised to enhance the cash flow and reduce compliance burdens for SMEs. Commencing from July 1, 2023, and extending until June 30, 2024, small businesses with an aggregated annual turnover of less than $10 million can immediately deduct eligible assets valued at less than $20,000.

Importantly, this threshold applies to each individual asset, providing SMEs with the flexibility to instantly write off multiple assets. This measure is a targeted and responsible means of supporting the growth of small businesses across the nation.

Energising SMEs with Schedule 2

Schedule 2 introduces the Small Business Energy Incentive, a measure originating from the 2023-24 Budget designed to assist small and medium-sized businesses in adopting electrification and reducing energy expenses. This incentive is accessible to up to 3.8 million businesses with an aggregated annual turnover of less than $50 million. It offers a compelling bonus—20 percent deduction for eligible assets that promote electrification and more efficient energy utilization.

The tax incentive is set to be effective from July 1, 2023, to June 30, 2024, enabling businesses to claim up to $100,000 in total expenditure. The maximum bonus tax deduction is capped at $20,000. This initiative builds upon the government’s ongoing efforts to enhance energy efficiency in the small business sector and alleviate energy-related cost pressures.

Beau Bertoli, co-founder and chief revenue officer at Prospa, lauded the government’s efforts, saying, “In light of the challenging past few years for small businesses, the Bill introduced to parliament today is likely to be well-received by many and should provide much-needed relief, offering support during these tough times. The instant asset write-off provisions continue to be a valuable incentive for small businesses, encouraging them to invest in new equipment, tools, and assets—an effective way to reduce costs, improve cash flow, and pave the way for growth.

“In addition to the instant asset write-off, the Bill proposes a Small Business Energy Incentive, another practical measure that can benefit businesses. Beyond its immediate cost-saving benefits, this initiative aligns with Australia’s commitment to achieving a net-zero economy. It’s a sensible strategy that can help improve operational efficiency and overall business costs, supporting a more sustainable future for small businesses across the nation.”

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Copyright for syndicated content belongs to the linked Source : Dynamic Business – https://dynamicbusiness.com/topics/news/government-announces-new-support-for-australias-smes.html

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