What does the federal budget 2024/25 mean for business owners in Australia?

The 2024/25 Federal Budget has introduced several measures that have significant impact on business owners in Australia. Small businesses are the backbone of the Australian economy, with a focus on driving economic growth, the budget has laid out a series of initiatives aimed at supporting them. ​

One of the key highlights of the budget is the commitment to ease the pressure on small businesses. The government has recognised the challenges faced by small business owners, including inflation, the cost of doing business, and the impact of natural disasters and cyber security threats. To address these issues, the budget has proposed streamlining processes to minimise administrative burdens and provide support to help small businesses bounce back from challenges.​

The budget has extended the instant asset write-off, allowing small businesses with an annual turnover of less than $10 million to immediately deduct eligible assets costing less than $20,000 until 30 June 2025. It’s designed to encourage investment and facilitate growth for small businesses. 
Read more: $20,000 instant asset write-off to continue for 24/25 tax year​

Starting from 1 July 2025, parents will receive an additional 12% of their parental leave payments as a superannuation contribution if they meet the following criteria:​

This measure is designed to support parents without imposing additional financial burdens on small businesses, as the payments are government-funded and will be directly deposited into the superannuation accounts by the ATO. ​

For more information, check out the document on superannuation on paid parental leave.​

A notable measure for small businesses is the $325 energy bill relief rebate, which will provide immediate financial support to eligible small businesses struggling with high energy costs. This is part of a broader strategy to alleviate the financial pressures on small businesses.​

The budget also addresses the need for small businesses to grow in the digital economy. A sum of $23.3 million has been allocated to support increased eInvoicing adoption, which is expected to improve cash flow, disrupt payment redirection scams, and boost productivity for small businesses.​

Read more: An introduction to eInvoicing for business owners​

For a more detailed analysis of how the federal budget impacts Australian businesses, head to Business.gov.au for more info. You can also contact Beany to understand how these changes may affect your specific circumstances so you can plan accordingly.​