Here is a summary of what it means for you and your Business.
Small Business – skills and training boost
The Government is introducing a skill and training boost to support small businesses (with an aggregated annual turnover of less than $50 million) to train and upskill their employees.
Small Business – technology investment boost
To support digital adoption, small businesses (with an aggregated annual turnover of less than $50 million) will be able to deduct an additional 20% of the cost incurred on business expenses and depreciating assets that support their digital adoption (e.g. portable payment devices, cyber security systems or subscriptions to cloud-based services).
PAYG instalment system
From 1 January 2024, companies can calculate their PAYG instalments based on their Business's current financial performance.
Varying GDP uplift on PAYG and GST instalments
Reducing the uplift rate that applies to Pay-As-You-Go (“PAYG”) and GST instalments will benefit small and medium businesses.
Storm and flood incentives – tax treatment of qualifying grants
Income tax exemption will be provided to small businesses and primary producers who received qualifying grants following the storms and floods in Australia.
Fuel and alcohol excise reporting
From 1 July 2023, fuel and alcohol businesses with an annual turnover of less than $50 million can lodge and pay excise and excise-equivalent customs duty every quarter.
Deregulation Measures
The government’s key focus in the 2022-23 Budget is reforming and deregulating Australia's regulatory environment.
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