What the 2023-24 Federal Budget means for small business

he Federal Budget, announced on 9 May 2023, provides a range of support programs to help small business owners with cost pressures and contemporary challenges.

Here is an overview of the main announcements that are likely to have an impact on small businesses.

Tax related measures

Instant asset write-off extended and increased

The instant asset write-off has been temporarily increased and extended.

Eligible small business owners can deduct up to $20,000 per business asset/resource for the 2023-24 tax year. These purchases must be installed and ready for use in your business between 1 July 2023 and 30 June 2024.

https://www.smallbusiness.wa.gov.au/blog/what-2023-24-federal-budget-means-small-business