How does the FY22/23 Budget affect my small business?

February 20, 2024
4
minutes to read
by
Jaala Alex
Table of Contents

Are you wondering how the 22-23 Budget will affect your small business? We made a snapshot of the initiatives that are designed to support your SME.

Tax

The government has announced that the 10% GDP uplift rate for PAYG and GST instalments will be reduced to 2% for the 22-23 financial year. This change is subject to passing legislation in parliament, so we'll keep our fingers crossed in the meantime.

Skills & Training

Boosting Apprenticeship Commencement wage subsidies have been extended to the end of 2021-22 financial year. This will support small and family businesses up-skill their staff, increase value they can provide, as well as ensure access to a skilled workforce in their respective industry.

Technology Investment Boost

Small businesses that have an annual turnover under $50 million will be able to take advantage of a new 20% tax deduction for expenses and depreciating assets associated with digital uptake. They’ll also get access the a 20% reduction for the cost of external training courses from providers registered in Australia!

SME Recruitment

The Federal Government is set to make a number of changes in order for small businesses and mid-size companies alike to have an equal chance at winning major projects. The proposed policy includes requiring barriers that currently exist between them, such as splitting up complex work into simpler pieces so it can be completed quicker while still remaining cost-effective; extending pay on time policies from suppliers who are late with payments because they've been busy competing against other vendors--just like how big firms always do during tender processes (and should); removing requirements related specifically around providing insurance coverage when bidding on government jobs worth more than $500K if one bids directly through another company

Payment Times Reporting Portal

The Federal Government is investing $10.4 million over two years to enhance and redesign the Payment Times Reporting Portal, which will improve efficiency and reporting.

Fair Work Commission Small Business Support

The Fair Work Commission will be establishing a dedicated unit that supports them with unfair dismissal and general protections disputes. This new service provides easier access to information, quicker resolution of problems (which means less time spent waiting on hold), as well an understanding how things work at the commission level so there's no need hire expensive attorneys when your only problem was something simple like not filling out Form AC Erinarily enough or making mistakes while completing employment forms etc.

Increased Connectivity

A new era of fast internet through super fast mobile connections has arrived! The upgrade to NBN fixed wireless services will be a major opportunity for small and family-owned businesses in rural, regional or periurban areas. For these businesses, connection with their customers is key not only success but also resilience during tough economic times.

Australian Export & Trader Support

The government has announced that they will be providing support for businesses to re-establish their presence overseas, as well as training and guidance on how best get a product or service into market. They also promise reduced regulatory burden upon exporters with all of this!

DISCLAIMER: Team Thrive Pty Ltd ABN 15 637 676 496 (Thriday) is an authorised representative (No.1297601) of Regional Australia Bank ABN 21 087 650 360  AFSL 241167 (Regional Australia Bank).  Regional Australia Bank is the issuer of the transaction account and debit card available through Thriday. Any information provided by Thriday is general in nature and does not take into account your personal situation. You should consider whether Thriday is appropriate for you.

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