What is in the 2024-25 Federal budget for Business Owners
I have been writing these briefing notes for my small and medium business clients for a while now. And this has to be a new low in Federal budgets for small business. The 2024-25 Federal Budget Strategy and Outlook (the main budget paper) mentions “small business” just 27 times out of 440 pages. The 2023-2024 equivalent budget paper at least mentioned “small business” 46 times.
This shows how much the current Federal Government thinks about small business.
And this makes a mockery of Anthony Albanese’s statement at the Council of Small Business Organisations Australia (COSBOA) national small business summit on 4 April 2024, where he said “I’m here because the Government that I lead respects and values every one of Australia’s 2.5 million small businesses – and the more than 5 million Australians employed by them.”
The Labor Government has a funny way of showing respect to small business.
Read below to see the new 2024-25 budget announcements potentially impacting your small or medium business. And in particular there was nothing nestled I could see in respect of a startup looking for a government cash injection.
Small and medium business instant asset write-off
For small businesses with annual turnover of less than $10m, the instant asset write-off of up to $20,000 per eligible asset has been extended to assets which are first used or installed ready for use on or before 30 June 2025. Note the legislation for the 2023/2024 year instant asset write off has yet to be passed.
Energy Bill Relief Fund
The Energy Bill Relief Fund will be extended which will deliver up to $325 in electricity bill relief for eligible small businesses from the Federal Government.. You don’t need to do anything to apply for this as it will appear on your bill.
Continued Funding for small business programs
The Federal Government will continue to fund the NewAccess for Small Business Owners
Program; the Small Business Debt Helpline; the Cyber Wardens program; improving payment times;, adoption of einvoicing; Energy Efficiency Grants for Small and Medium Sized Enterprises program.
The “New” Defence Industry Development Grant Program
Depending on which budget paper you read there is up to $183.8m available for small and medium business under the “new” Defence Industry Development Grant Program. But I expect this just replaces the existing Sovereign Industrial Capability Priority Grant program.
Wayne Wanders is an experienced Business Advisor and Outsourced CFO who can help to scale and grow your business profitably. Wayne may also be able to assist you in preparing any grant application.
Contact Wayne on wayne@arealcfo.com.au or 0412 227 052.
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Want a confidential discussion on your business situation, help with your grant application or to learn more about my Outsourced CFO Services, simply email me at wayne@aRealCFO.com.au or call me on 0412 227 052
