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Small Business
28 Jun 2024
2023-24 Budget measures pass
Only days before the measures were due to expire, the legislation extending the instant asset write-off and the Small Business Energy Incentive passed the Parliament.
The extension to the write-off will allow small businesses with aggregated turnover of less than $10 million to immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2024.
The Small Business Energy Incentive provides businesses with an annual turnover of less than $50 million with an additional 20 per cent deduction on spending that supports electrification and more efficient energy use, where installed and ready for use between 1 July 2023 and 30 June 2024.
While there is not much time to take advantage of the measures, more information is here for the write-off and the Small Business Energy Incentive. Once the legislation is enacted, more information about how to claim will be available on the Australian Taxation Office website.
Instant asset write-off
In the Budget, the government committed to extending the instant asset write-off for 12 more months until 30 June 2025.
The eligible amount will be $20,000 for businesses with an aggregated annual turnover of less than $10 million. This extension is at the same level as the 2023-24 Budget measure, which has only now passed the Parliament.
Legislation has been introduced as Schedule 7 of the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 and was referred to a Senate inquiry due to report on 2 August.
This week, ACCI made a submission on the write-off measure, reiterating our previous position that the limit should be increased to $30,000, expanded to medium-sized businesses and made permanent.
Once published, the submission will be here. Thank you to those members who provided feedback.
1 July changes
Starting on 1 July, many regulatory and other changes will affect small businesses. These include an increase in the national minimum wage and award rate, a super guarantee (up to 11.5 per cent from 11 per cent), and changes to procurement rules, to name but a few.
The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) has compiled a list of relevant measures available here.
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