The 2024-2025 budget has included an estimated $641.4 million in supports for small businesses. While many of these supports will only apply to businesses in certain sectors, some benefits will apply to most small businesses.

Key general benefits:

• The Government is extending the $20,000 instant asset write-off until 30 June 2025. This applies to small businesses with an annual turnover of less than $10 million.
• The budget is providing additional energy bill relief of $325 to eligible small businesses.

Other benefits to note:

• The Government is providing around $513.5 million to several programs to support innovation including the Industry Growth Program, Digital Solutions Program, ‘Safe and Responsible AI’ program, as well as Energy Efficient Grants.
• $60 million will be added to the Productivity, Education and Training Fund to boost workplace productivity.
• The Government has allocated $41.2 million to support businesses to build greater cyber resilience, such as through free training, support when affected by a cyber incident, and online interactive tools.
• The Government is providing $10.8 million to support mental health and financial wellbeing of small business owners.
• 457 nuisance tariffs will be abolished from 1 July 2024.

For further information, you can read the full small business budget report via the following link (https://budget.gov.au/content/factsheets/download/factsheet-sml-bus.pdf).