$325 Energy Relief for Small Business

Approximately 1 million small businesses will receive a $325 rebate on their energy bills over 2024-25. It will apply as an automatic quarterly credit to energy bills. Costing $3.5bn over 3 years from 2023-24, the measure expands and extends the Energy Bill Relief Fund.

$20k Small Business Instant Asset Write-Off Extended

Small businesses, with a total turnover of less than $10 million, will be eligible to immediately deduct the full expense of eligible depreciating assets costing less than $20,000 that are first utilised or installed ready for use between 1 July 2023 and 30 June 2025. This measure has extended the 2023-24 Budget announcement to the 2024-25 financial year.

The write-off applies per asset, so a small business will be able to deduct the cost of multiple assets. The rules only apply to assets that lie within the scope of the depreciation provisions. Expenses on capital improvements to buildings that lie within the scope of the capital works rules are not expected to be eligible. Remember, the increased small business instant asset write-off announced in the 2023-24 Federal Budget is not yet law.

The Future Made in Australia Initiative

The $22.7 billion series of initiatives is designed to encourage significant private sector investment into priority industries required to improve the economic and industrial benefits of the move to net zero and maintain Australia’s place in a changing global economic and strategic landscape.

Additionally, the Government will fund $19.7 billion over 10 years from 2024–25 to increase investment in Future Made in Australia priority industries, including renewable hydrogen, low carbon liquid fuels, green metals, manufacturing of clean energy technologies, and refining and processing of critical minerals.

Film Producer Tax Offset

The Producer Tax Offset is considered a refundable tax offset for Australian expenses to make Australian films when certain requirements are satisfied. The amount of the offset is:

  • 40% of the company’s qualifying Australian production expenditure (QAPE) on a feature film
  • 20% of the company’s total QAPE on a film that is not a feature film.

The minimum time requirement varies based on the format of the production.

As part of the Government’s announced National Cultural Policy, changes will be made to the Producer Tax Offset from 2025–26 to remove:

  • The minimum length conditions for content
  • The above-the-line cap of 20% of total QAPE.

Small Business Support Services

Costing $41.7 million over 4 years from 2024-25 by the government for various initiatives to support small businesses:

  • Enhancing payment times to small businesses, including naming and shaming -increased resourcing for the Payment Times Reporting Regulator to allow it to deliver its expanded functions, which include naming slow-paying businesses.
  • Financial well-being and mental health of small business owners –
  • Extending the NewAccess for Small Business Owners program, which offers customised, free and confidential mental health support.
  • Extending the Small Business Debt Helpline.
  • Franchising sector code changes – responding to the 2023 Schaper Review of the Franchising Code of Conduct, the Government is offering $3 million to:
  • Remake and enhance the Code.
  • Encourage best practice conduct between franchisors and franchisees.
  • Make it easier for small businesses to run in the sector, including through better access to dispute resolution.
  • Access to justice – Funding $2.6m to the Australian Small Business and Family Enterprise Ombudsman. The ASBFEO helps and advocates for small businesses, including assisting in resolving disputes.
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