The new financial year will kickstart more support from the Albanese Labor Government for Australia’s small businesses.
From 1 July 2024, the Government will deliver energy bill relief of $325 to around 1 million small businesses across the country.
The Government is also providing $290 million in cash flow support by extending the $20,000 instant asset write‑off.
Small businesses with an annual turnover of less than $10 million will be able to immediately deduct eligible assets costing less than $20,000 until 30 June 2025.
From 1 July 2024, the Government will abolish 457 nuisance tariffs to cut compliance costs, reduce red tape, make it easier to do business, and boost productivity.
The Government has introduced a new, higher target to source 25 per cent of Commonwealth procurements below $1 billion, and 40 per cent of procurements below $20 million, from Small and Medium Enterprises (SME).
These changes to the Commonwealth Procurement Rules will also make it easier for Commonwealth entities to procure from small and medium businesses by raising the SME exemption threshold to $500,000.
The $640 million in practical and targeted supports in this year’s budget will support small business owners’ mental health and financial wellbeing by:
- Committing $3.1 million over two years from 2024–25 to extend support available through the Small Business Debt Helpline.
- Investing $7.7 million over two years from 2024–25 to continue providing mental health support through the NewAccess for Small Business Owners program, so small businesses can access free and specialised help when they need it most.
Small businesses employ more than 5 million people and contribute more than $500 billion to our nation’s economy every year.
That’s why we are delivering for small business, helping them to bounce back from challenges and improve their long‑term resilience.
Quotes attributable to Minister for Small Business, Julie Collins MP:
“The Albanese Labor Government is backing Australia’s small businesses to succeed with the recent Budget outlining more than $640 million in targeted support in the Small Business Statement.
“The new financial year kickstarts new support for small business because our Government understands the critical contribution they make across the country.
“Labor is the party of small business and we’ll keep delivering so Australia’s small businesses succeed.”