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2024-2025 Federal Budget

Posted 5 Jun

The Hon Dr Jim Chalmers, the Federal Treasurer, delivered the 2024-25 budget on 14 May 2024. Here are the key measures affecting  Australian small to medium businesses. 

$20,000 Instant Asset Write-Off Extension

  • The government wishes to extend the $20,000 Instant Asset Write-Off (IAWO) for small businesses until 30 June 2025.
  • Applicable to businesses with an aggregated turnover of less than $10 million.
  • Allows immediate deduction of the full cost of eligible assets under $20,000 first used or installed by 30 June 2025.
  • Multiple assets can be written off if each is under the $20,000 threshold.
  • Assets costing $20,000 or more will be depreciated: 15% in the first year and 30% annually thereafter.  

Energy Bill Relief Fund

  • Provides a $300 rebate to all Australian households and a $325 rebate to eligible small businesses on 2024-25 bills.
  • Total cost: $3.5 billion over three years from 2023-24.
  • Extends the Energy Price Relief Plan from the Federal Budget 2023-24, aiding households and small business customers with energy bills.

Various Initiatives:

  • $25.3 million for the Payment Times Reporting Regulator to implement reforms.
  • $10.8 million to extend financial counselling and mental health support programs.
  • $3 million to implement responses to the Franchising Code of Conduct review.
  • $2.6 million for the Australian Small Business and Family Enterprise Ombudsman to support dispute resolution.


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