After reading the article about the 2023/2024 Federal Budget, I'm thrilled to learn about the exciting opportunities for small businesses like ours! The Australian Government's focus on addressing the cost of living and supporting the small business sector is incredibly encouraging. I'm particularly excited about the $1.5 billion tax incentives, which will allow us to deduct an additional 20% of business expenses and assets that support digital uptake, including our QuickBooks Online subscription.
The extension of the instant asset tax write-off and increase in the threshold to $20,000 from 1 July 2023 until 30 June 2024 is a game-changer for us. It will help us invest in vital assets and take advantage of simplified depreciation rules, further boosting our growth.
I'm also thrilled to see support for adopting digital technology, energy price relief, and industry grants for early-stage ventures. The measures introduced for businesses, including tax instalment adjustments, reducing tax compliance burden, and the small business energy incentive, are sure to provide valuable assistance to our cash flow and efficiency.
While I'm excited about the many initiatives announced, I'm a bit disappointed that there were no incentives for e-invoicing, improving payment times, or enhancing support from the Australian Small Business and Family Enterprise Ombudsman. Nonetheless, the overall emphasis on renewables and green energy aligns with our commitment to sustainability.
This Budget may be more conservative, but it reflects the economic outlook accurately. I'm optimistic about the future and grateful for the opportunities these measures will bring to our small business.
For the full article and more details, you can read it here
