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Federal Budget 2024

8 things small businesses needs to know about the 2024-25 Federal Budget.

The federal budget contained many measures for Small Business, some new but mainly previous measures extended or with funding boosted.

For more information refer to the Australian Government Fact Sheet below.

1. The $20,000 instant asset write-off is being extended

Businesses with less than $10 million in annual turnover to claim an immediate tax deduction for asset purchases up to the value of $20,000.

2. Energy bill relief

Eligible small businesses will receive $325 to help pay their energy bills, according to documents accompanying the budget papers.

3. Small Business Debt Helpline and NewAccess

An additional $10.8 million to extend both the Small Business Debt Helpline and the NewAccess for Small Business Owners programs. Both nationwide programs are available for free to small businesses.

4. Support for franchisees and dispute resolution

The government will provide $2.6 million over four years, from 2024-25, and $700,000 per year on an ongoing basis, for the Australian Small Business and Family Enterprise Ombudsman to help businesses without legal representation to access alternative dispute resolution services.

The government has also allocated $3 million over two years to implement its response to the recent review of the Franchising Code of Conduct.

5. Payment times reforms

The 2024-25 budget provides $25.3 million to implement a range of reforms in this area, including granting the Payment Time Reporting Regulator’s resourcing and its information technology systems.

6. Support from Fair Work to comply with IR changes

The federal government has recognised that SMEs may need help complying with its ongoing industrial reform program and has allocated $20.5 million in this year’s budget for that purpose.

In particular, the funding for the Fair Work Ombudsman will go towards enhancing the Employer Advisory Service and making it permanent, as well as supporting the implementation of the recently passed ‘right to disconnect’.

7. Apprentices and tradies

20,000 new fee-free TAFE, VET, and pre-apprentice courses related to the housing sector, and $1.8 million to help fast-track the assessment of potential migrants, who may have relevant construction-related qualifications.

8. Small business ministers meeting to re-commence

The federal government also wants to establish a national small business strategy and has decided to re-establish the Small Business Ministers’ Meeting as a forum for federal and state ministers to work together. The first meeting is slated for June 2024.