2023/24 Federal Budget – Recap

The most recent federal budget in Australia included a range of measures aimed at supporting small businesses, promoting sustainable business practices, and supporting the growth and development of the Australian economy. Here is our roundup of the points affecting business owners in Australia.

$20000 small business instant asset write off.

The $20,000 instant asset write-off scheme for small businesses is a significant measure included in the Australian Federal Budget. This scheme allows eligible small businesses to immediately deduct the cost of eligible assets that cost less than $20,000, instead of claiming depreciation over several years. The scheme has been extended for another year, allowing small businesses to invest in new equipment, technology or machinery without the need for a long-term financial commitment. This measure aims to encourage small businesses to invest in their operations and stimulate economic growth by providing them with greater flexibility and cash flow.

$20000 small business incentive for energy efficiency.

The $20,000 incentive for small businesses to improve their energy efficiency is part of a broader package aimed at reducing emissions and promoting a greener economy. The incentive is designed to encourage small businesses to invest in energy-efficient technologies, such as solar panels or LED lighting, which can reduce their energy consumption and save money on energy bills. This measure aims to support the transition to a low-carbon economy by promoting sustainable business practices and reducing the environmental impact of small businesses.

Payday super – increasing payment frequency of employee super

The proposal to increase the frequency of superannuation payments for employees is designed to provide greater retirement savings and financial security for workers. Currently, employers are required to make superannuation contributions on a quarterly basis, but the proposal aims to increase the frequency of these payments to monthly. This change would help to ensure that employees receive their superannuation contributions in a more timely manner and would reduce the risk of employers failing to meet their obligations.

Lower ring of tax instalments for small business.

The proposal to lower the tax instalments for small businesses is aimed at providing greater flexibility and cash flow to small businesses. Under the proposal, small businesses would be able to pay their tax instalments based on their actual income, rather than on an estimated amount. This would help to ensure that small businesses are not required to pay more tax than they can afford and would provide them with greater certainty and stability in their financial planning.

Support for SME and start-up.

The Federal Budget includes a range of measures aimed at supporting small and medium-sized enterprises (SMEs) and start-ups. The measures include funding for business advisory services, a new $100 million research fund, and a range of tax incentives aimed at promoting investment in SMEs. These measures aim to support the growth and development of SMEs and start-ups, which are crucial drivers of economic growth and job creation in Australia.

International student visa holders and work rights.

The measures aimed at supporting international students studying in Australia are designed to provide greater support and financial security for these students. The measures include extending the duration of student visas, allowing international students to work more hours, and providing additional financial support for students in need. These measures aim to support the education sector in Australia and to ensure that international students can continue to contribute to the economy and society.

Household energy upgrade fund.

The $250 million fund aimed at supporting households to upgrade their energy systems is a significant investment in renewable energy and energy-efficient technologies. The fund will provide grants to households to invest in renewable energy and energy-efficient technologies, such as solar panels, battery storage, and energy-efficient appliances. This measure aims to reduce household energy costs, promote a greener economy, and support the transition to a low-carbon future.

Energy price plan relief.

The measures aimed at reducing energy prices for households and small businesses are designed to support households and businesses struggling with rising energy costs. These include funding for energy efficiency programs, investment in renewable energy infrastructure, and support for regional communities to transition to cleaner energy sources. These measures aim to promote sustainable energy practices, reduce the carbon footprint of households and businesses, and alleviate the financial burden of energy costs on households and small businesses. This relief is especially important in the current economic climate, where many households and small businesses are facing financial hardship due to the COVID-19 pandemic.


As a business, it’s important to stay informed about these measures and understand how they may impact your operations and finances. If you have any questions, or would like to discuss how any of these new measures will affect you or your business, please do not hesitate to get in touch with us.