Tyro’s Federal Budget wins for small businesses

Federal Treasurer Jim Chalmers delivered his third budget earlier this week, focusing on easing cost of living pressures, building more homes in Australia, strengthening Medicare and the care economy, and investing in a Future Made in Australia.

For small businesses, the Government pledged $641 million in targeted support to ease the pressure on small business owners, supporting businesses to grow and levelling the playing field. We’ve gone through the budget papers and found highlights we think you should know about:

• The $20,000 instant asset write-off is being extended for another year – if your small business has an aggregated turnover of less than $10 million, you may be able to claim an immediate tax deduction for asset purchase up to the value of $20,000.

• Energy bill relief is available for small businesses too – Energy bill relief was a highlight of Treasurer Chalmers speech. Up to one million eligible small businesses will be eligible to receive $325 to help with these costs.

• Mental health and financial wellbeing support – Running a business can be demanding. The government is extending both the Small Business Debt Helpline and the NewAccess for Small Business Owners programs to provide continued access to free and confidential financial counselling and mental health support.

• Scam management – scams can affect small businesses too! The Australian Tax Office will receive significant funding to assist in combating scams and fraud. Finds are allocated to support e-Invoicing to disrupt payment redirection scams, improve cash flow and productivity.

• Franchising Code of Conduct – The government has allocated funds to remake and improve the Franchising Code of Conduct allowing for best practice conduct between franchisors and franchisees.

• Helping you comply with updated Workplace Relations – To support small business employers comply with recent changes to workplace laws, additional funding has been allocated to the Fair Work Ombudsman. The Employer Advisory Service will be enhanced and permanent, as well as funding to assist small business owners implement the recently passed ‘right to disconnect’.

• Improving payment times to small businesses – the government has committed funds to improve payment times to small businesses through funding of the Payment Times Reporting Regulator who will be able to name slow paying businesses – lifting the bar and increasing transparency.

• Apprentices –are you in a trade and are thinking of taking on an apprentice? This year’s budget also includes measures to help increase the number of Australian apprentices and tradies, particularly in the housing and construction sectors.

For further information – https://budget.gov.au/content/factsheets/download/factsheet-sml-bus.pdf