Recently updated on October 24th, 2023 at 09:20 am
The Australian Government has announced its Federal Budget for 2023-24, revealing a number of new stimulus schemes for small to medium-sized businesses. From tax relief to startup support, these measures are set to shape the economic landscape for years to come.
We’ve broken down the budget below to highlight the big-ticket items – the schemes you can take advantage of now to start growing your business. Read on to see when they take effect, how to be eligible, and what kind of support you can expect.
Support for Small Business
A big focus of the budget was providing financial support for small businesses. Here are all the new schemes and changes you need to be on top of:
$20,000 Instant Asset Write-off
For business entities with an aggregated turnover of less than $10 million
Small Business Energy Incentive
For business entities with an aggregated turnover of less than $50 million
Tax Instalment Relief
For all businesses using the relevant instalment methods
Industry Growth Program for SMEs and Startups
The Australian government has announced the Industry Growth Program, a new $392.4 million initiative that will replace the Entrepreneurs’ Programme. It is expected to launch in late 2023 and will support the development of small and medium enterprises (SMEs) and startups.
This initiative will provide advice and matched grant funding, focusing on growing businesses and commercialising their ideas. It will be open to any project that falls within the priority of funding areas of the National Reconstruction Fund.
Priority Funding Areas
Renewables & low emissions technologies
Agriculture, forestry & fisheries sectors
Funding for Priority Rail and Road Infrastructure Projects
As part of the Government’s promised 10-year, $120 billion infrastructure pipeline, significant investments in priority rail and road infrastructure projects have been announced – across all states and territories.
It was stated that the “Government will work with states, territories and local governments to prioritise the delivery of projects currently under construction and election commitments.” So get ready for local construction to start ramping up again this year.
Big Wins for Small Businesses
This budget has set the stage for small businesses to thrive. Now is the time to start making investments into your company’s future. But if you’re not sure where to start – that’s ok! The team at Spark are here to support you. We’ll help you uncover the opportunities waiting for you to take your business to the next level.