The 2023 Federal Budget was released this month and there were some important takeaways. Below we have compiled them into key insights that are relevant to small businesses.
Instant Assets Write Off: IAWO will increase to $20,000 for depreciated assets used or installed between 1st of July 2023 and 30th of June 2024, up from $1000. Click here to read more.
Energy Incentive: The Federal Government will support an additional 20% deduction on the cost of assets that supports the electrification and more efficient use of energy within the business. To learn more, click here
Lodgement Penalty: Introducing a new amnesty program that will remit any failure to lodge between 1st of June 2023 and 31st of December 2023. To learn more, click here.
Technology & Skills Boost: For small businesses investing in skills training and digitisation of operations will receive an additional 20% deduction in expenditure. To learn more, click here.
Aligning the timing of superannuation payments with wages payments: From 1st of July 2026 super guarantee payments will need to be made by employers to employee’s superannuation fund accounts on the same day as the wage payments are made to the employee, currently employers need to make superannuation payments quarterly. Click here to read more.