Federal Parliament this week passed legislation enabling the Small Business support measures announced in the Federal Budget in May.
The Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 enacts various benefits including:
- a $20,000 instant asset write‑off for assets first used or installed ready for use between 1 July 2023 and 30 June 2024. This will improve cash flow and reduce compliance costs for small businesses with a turnover up to $10 million. The $20,000 threshold will apply on a per asset basis, so small businesses can write‑off multiple assets.
- the Small Business Energy Incentive, a 2023–24 Budget measure designed to help small and medium businesses save on their energy bills. This will help small and medium businesses with turnover up to $50 million pay for upgrades to heating and cooling systems, install batteries, and switch to energy saving electrical goods such as efficient fridges.