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What does the Budget mean for your business?

What does the Budget mean for your business?
The 2024-25 Budget was announced on 14 May. We’ve summarised what’s available and what it means for businesses.
Energy bill relief The Energy Bill Relief Fund is providing energy rebates to help small businesses cover their electricity bills. Eligible small businesses will receive $325 to help pay their energy bill.
Instant asset write-off The $20,000 instant asset write-off for small businesses with annual turnover of less than $10 million has been extended. This allows small businesses to immediately deduct eligible assets costing less than $20,000 until 30 June 2025.

Support for employers Initiatives for small business employers include $10 million in support for employers administering the Paid Parental Leave scheme, and funding to help the Fair Work Ombudsman assist employers to comply with workplace laws.
Construction industry Initiatives to support the construction industry include $88.8 million for 20,000 new fee-free TAFE places, and $1.8 million to support small and medium businesses to access training services for clean energy, manufacturing and construction apprentices.
Cyber security and AI The Budget includes funding for programs supporting businesses with cyber security, like the free Cyber Wardens training program. There is also $39.9 million to support the work of the Safe and Responsible AI program.
Head to the link below at business.gov.au to read the full run-down on what the Budget means for Aussie businesses. 

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