Federal budget 2024-25: information for small businesses
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Federal budget 2024-25: information for small businesses
The 2024-25 Federal Budget included some positive news for small businesses in Australia. Here are some key highlights:
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Extended instant asset write-off: This popular scheme allows businesses with a turnover under $10 million to immediately deduct the cost of eligible assets costing less than $20,000. The good news is it's been extended for another year, until June 30th, 2025.
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Energy bill relief: The government is offering a one-time $325 rebate to eligible small businesses to help with rising energy costs.
Reduced compliance burden: The removal of 457 "nuisance tariffs" on imported goods should simplify the trade process and save businesses time and money.
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Skilled workforce support: There's an investment in additional TAFE places for courses relevant to in-demand skills, which could help businesses find qualified employees.
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Mental health resources: Free mental health coaching is available to small business owners to help them manage stress and wellbeing.
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Support for innovation: The budget allocates funding for business innovation grants, which could be useful for companies looking to develop new products or services.
Here are some resources for you to learn more:
- Federal Government website: You can find the official budget documents and summaries on the government's website.
- Small Business Associations: Many state and national small business associations offer resources and advice to help you understand how the budget might impact your business.
Remember: While these are some of the key measures, it's important to stay up-to-date and explore the full details of the budget to see how it might specifically apply to your business.
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