Budget 2024: 16 things SMEs need to know about the federal budget

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SmartCompany news editor Eloise Keating. Source: SmartCompany.

It was a bright, sunny day in Canberra on Tuesday as Treasurer Jim Chalmers prepared to deliver the federal government’s third budget. 

Booking a surplus for the second year running, this year’s budget contains a buffet of measures for SMEs, from another extension of the instant asset write-off, to additional funding for the Small Business Debt Helpline and NewAccess mental health support. 

However, there was relatively less on offer than last year, when it appeared the Labor government was clearly listening to the small business community. 

Here’s 16 things your business needs to know about the 2024-25 federal budget.

1. The $20,000 instant asset write-off is being extended, again

Despite the government having yet to pass legislation for last year’s 12-month extension to the instant asset write-off, this year’s budget once again extends the scheme for another year

If it goes ahead, the measure will allow Australian businesses with less than $10 million in annual turnover to claim an immediate tax deduction for asset purchases up to the value of $20,000.

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