9 May 2023

Budget delivers for small business

The Albanese Government knows that small businesses are the lifeblood of our economy and our communities, and our Budget invests in the security and certainty they need to thrive.

The Budget will deliver significant new practical measures to support Australian small businesses and to help them prosper.

It provides targeted, responsible support, improves the overall business operating environment and helps to reduce energy price pressures.

We know economic conditions have been challenging for Australia’s small businesses, which is why the Budget delivers this support.

At the centre of this support is our Energy Price Relief Plan which shields Australian households and businesses from the worst impacts of rising energy prices.

This plan will establish the Energy Bill Relief Fund to provide up to $3 billion in electricity bill relief to eligible small businesses and households in partnership with the states and territories.

Our plan further supports Australia’s small businesses by:

  • Introducing the Small Business Energy Incentive, a bonus tax deduction to help up to 3.8 million small- and medium-sized businesses save energy, upgrade their facilities and save on their energy bills.
  • Temporarily increasing the instant asset write-off asset threshold to $20,000 for businesses with a turnover of up to $10 million, for one year.
  • Reducing the time small businesses spend doing taxes, saving small businesses both time and money. Measures include allowing longer to amend tax returns, trialling an independent review for small businesses in dispute with the ATO and expanding access to advice through the tax clinic program.
  • Introducing practical measures to guard small businesses against cyber threats through a $23.4 million program to help them train in-house cyber wardens.

The Albanese Government knows how vital small businesses are to our nation's economy and our prosperity. That’s why this Budget is committed to helping them tackle immediate challenges like energy costs, as well as helping set them up for long-term success with investments in cyber security and cutting red tape.