Small Business Tips for Saving Money in 2023/24

Oct 4, 2023

As a small business owner, we know your time is valuable, so we’ve done some reading for you!

Here’s a summary of how your business can benefit from the opportunities in the 2023/24 budget and some offered by the ATO.


Small Business Asset Write-Off

Starting from July 1, 2023, until June 30, 2024, if you’re a small business with a turnover of less than $10 million, you can deduct the entire cost of assets under $20,000. So, if you buy something for your business, like equipment or tools, and it’s ready to use during that time, you can subtract the full cost from your taxes.

Small Business Energy Incentive

The Australian Government is giving a special tax break to help you save energy and money. You can get this tax break if you:

1. Change your heating and cooling systems to use electricity.
2. Upgrade to better fridges and cooktops that use less energy.
3. Put in batteries and heat pumps to save energy.

If your business makes less than $50 million a year, you can get a 20% tax deduction on these things.

You can get this tax break for expenses up to $100,000; the most you can save is $20,000. So, it’s like getting a discount on your taxes for making your business more energy-efficient.


Small Business Skills and Training Boost

If you send your employees to certain training courses, you can claim an extra 20% off the cost as a deduction on your taxes, on top of the regular deduction you can already get.

Available for training expenses until June 30, 2024, there are some special rules about when you can claim this bonus deduction, but the goal is to make sure small businesses have skilled workers who can compete and do well in today’s changing business world. So, this could be a great opportunity for small businesses!


Energy Bill Relief Fund

The Australian Government is teaming up with state and territory governments to help eligible small businesses save on their electricity bills. Starting in July 2023, eligible small businesses can get up to $650 in bill relief. However, the exact amount you can get will depend on where your business is located. This is a fantastic initiative to ease the burden on small businesses and help you thrive.


Funding for Small Business and Start-Ups

There’s a brand-new program called the Industry Growth Program, and it’s here to help small and medium-sized businesses, as well as start-ups, to grow even bigger. With guidance and money provided to support these businesses in creating new products and services, this program is all about helping small business and start-ups expand and succeed.

Cyber Security Support

The Government is setting aside $23.4 million to help protect small businesses from cyber threats. They’ll be running a program to train in-house cyber wardens, which will be managed by the Council of Small Business Organisations Australia. This means added security and peace of mind for your business in the digital world.


Happy to help.

Why not schedule a conversation with us and discover how your business can take advantage of these incentives.

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