The major announcement in the Budget for small businesses is a 12-month extension of the $20,000 instant asset write-off. This means businesses with a turnover of less than $10 million will be able to continue to claim tax benefits on newly purchased assets through to June 2025.
Businesses that fall within this turnover range will continue to be able to claim the full value of any asset with a cost of up to $20,000 as a tax deduction in the year of purchase, rather than having to claim depreciation over an extended period. The asset must be in use or installed ready for use by June 30, 2025.
This measure is subject to legislation passing in the Commonwealth Parliament.
Small business owners can also expect improvements to their experience when administering Paid Parental Leave.The Government is providing $10 million to Services Australia to this end.
