How the 2024 Federal Budget Impacts You as a Small Business Owner

How the 2024 Federal Budget Impacts You as a Small Business Owner

As a small business owner, staying on top of government policies and budget changes is crucial for making informed decisions. This year's federal budget includes several measures that could positively impact your business, save you some cash, and provide new opportunities. Here’s a breakdown of what you need to know.

Energy Bill Relief for Small Businesses

Good news: businesses are entitled to a $325 energy bill relief program. This is a significant saving, especially as energy costs can be a considerable expense for small businesses. Make sure you apply for this relief to reduce your overheads.

Future Made in Australia: Clean Energy Initiatives

The federal budget is heavily investing in clean energy programs, aiming to make Australia a renewable energy powerhouse. This initiative includes substantial opportunities for training and apprenticeships in clean energy occupations. Specific measures are in place to encourage women and First Nations people to enter these professions.

If your business is involved in clean energy, critical minerals, or related fields, this is the perfect time to explore what incentives and programs are available. These investments could provide the support you need to expand and innovate within your sector.

Support for Veterans

If you are a veteran or know a veteran interested in starting a business, the budget includes incentives tailored for veterans. These programs aim to help veterans transition into entrepreneurship, providing the resources and support necessary to succeed.

Innovation Grants

Innovation is key to staying competitive, and the government is offering grants to help build manufacturing and foster innovation in Australia. These grants are not just for improving existing technology but for creating something truly new and groundbreaking. If your business is in sectors like mining, forestry, fisheries, agriculture, transport, medical science, renewables, low emission tech, AI, IT, communications tech, robotics, or biotech, you might be eligible for seed funding or larger grants.

Take inspiration from women like Mr. Yum's Kim Tao or Canva's Melanie Perkins, who have revolutionised their industries. If you have an innovative idea, now is the time to seek funding and bring it to life.

Mental Health Support for Small Business Owners

Running a small business can be incredibly stressful, impacting both your personal and professional life. The budget has allocated significant support for mental health through the New Access Beyond Blue program. This guided mental health program for small business owners requires no referral from a GP. It's an excellent resource for managing the unique stresses of entrepreneurship.

Cyber Security Education

Cyber security is a critical concern for small businesses, especially those handling customer data. The budget includes funding for cyber security education programs. These initiatives aim to provide business owners with the knowledge needed to protect their businesses from cyber threats. Keep an eye out for more information and take advantage of these programs to safeguard your business.

Instant Asset Write-Off Continues

The instant asset write-off scheme continues, allowing you to write off eligible assets purchased for less than $20,000 immediately. This can significantly affect your tax liabilities, providing immediate financial relief rather than depreciating the asset over time. If you haven't been using this scheme, now is the time to start.

TLDR

• $325 Energy Bill Relief: Apply to reduce your business expenses.
• Clean Energy Initiatives: Explore training and incentives if you're in clean energy or related fields.
• Veteran Support: Special programs to help veterans start businesses.
• Innovation Grants: Funding for groundbreaking new technologies.
• Mental Health Support: Access Beyond Blue's program without a GP referral.
• Cyber Security Education: Learn how to protect your business from cyber threats.
• Instant Asset Write-Off: Write off assets under $20,000 immediately.

These measures offer valuable opportunities and support for small business owners. Stay informed and take advantage of these initiatives to strengthen and grow your business.