What does the Budget mean for your business?

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.

Energy bill relief

The Energy Bill Relief Fund is providing energy rebates to businesses on small customer electricity plans to help cover their electricity bills. Eligible small businesses will receive $325 to help pay their energy bill.

Supporting mental health and financial wellbeing

A further $10.8 million to support the mental health and financial wellbeing of small business owners will be delivered by extending the NewAccess for Small Business Owners program and the Small Business Debt Helpline.

Cyber security

The Budget includes funding for programs to support businesses with cyber security, to make sure they can stay safe online while embracing new digital opportunities.

• The Cyber Wardens program received $23.4 million to provide free online training for small business owners and their staff.
• The Small Business Cyber Resilience Service received $11.1 million to help small businesses build their cyber resilience and provide support when affected by a cyber incident.
• The Cyber Health Check online interactive tool received $7.2 million to enable small and medium businesses to self-assess their cyber security maturity.

Payment times reporting

A further $25.3 million will be invested to improve payment times to small businesses and support the delivery of expanded functions for Payment Times Reporting Regulator.

eInvoicing

$23.3 million will support increased eInvoicing adoption to improve cash flow, disrupt payment redirection scams and boost productivity for small businesses.

Digital ID

$288.1 million will be invested to deliver and expand the Digital ID system. Once operational, the Digital ID System will lower the administrative burden on small businesses by reducing the amount of ID data they need to store and protect for their customers and their employees.

Paid Parental Leave

Small business employers administering the Paid Parental Leave scheme will receive additional support, with $10 million provided.

Fair Work Ombudsman

The Fair Work Ombudsman is receiving $20.5 million to assist small business employers to comply with workplace laws.

The Productivity, Education and Training Fund

The Productivity, Education and Training Fund received $60 million to fund practical activities to support cooperation between employers and workers’ representatives.

Industry Growth Program

$392.4 million for the Industry Growth Program will help start-ups and small businesses to innovate, commercialise their ideas and grow.

Artificial intelligence (AI)

The Safe and Responsible AI program received $39.9 million to help address the risks posed by the use of AI.

Skills and training

The new National Skills Agreement will continue to expand access to the vocational education and training sector, support quality training and implement reforms to address critical skills needs.

Construction industry

• $88.8 million has been allocated to deliver 20,000 new fee-free TAFE places, including pre-apprenticeship programs, in courses relevant to the construction industry.
• $1.8 million over three years from 2025–26 will support small and medium businesses to access Group Training Organisation (GTO) services for clean energy, manufacturing and construction apprentices. The Government will reimburse GTO fees for up to 800 small and medium businesses.
• $1.8 million to deliver streamlined skills assessments for around 1,900 migrants from comparable countries to work in Australia’s housing construction industry.
• $13.2 million over three years to increase the number of residential builders accredited under the Work Health and Safety Accreditation Scheme.

Support for veterans

Support will be extended for veterans and their families to start and grow small businesses through the Supporting Veteran Owner Business grant program run through King’s Trust Australia Enterprise Programme. The program provides free programs and tools.

Franchising

$3 million will be invested over four years to help franchisees and franchisors. The support includes:

• Improving the Franchising Code of Conduct.
• Promote best practice conduct between franchisees and franchisors.
• Better access to dispute resolution.

Dispute resolution for small and family businesses

$2.6 million will be used to expand the dispute resolution service that Australian Small Business and Family Enterprise (ASBFEO) provides to small business.

Social enterprises

$21.9 million will be provided to support social enterprises and employers to engage job seekers through paid employment placements of up to six months. This includes grant funding of $1.5 million over two years to support the certification of an expected 500 Work Integrated Social Enterprises.