2023-24 Federal Budget | Australian Music Association

The Albanese Government handed down its first regular budget on Tuesday 9th May, with the first surplus in over a decade and a number of election commitments and

Instant Asset Write-off

For eligible businesses that have an annual turnover of less than $10 million.
This is a lower threshold than the original Temporary Full Expensing measure, introduced in 2020
Applies to eligible depreciable assets, up to $20,000 (increased from $1,000)
The write off can be used for multiple assets, each up to the $20,000 threshold
The scheme ends on 30th June 2024

Read more: Budget Papers | Smart Company

Payday Super

From July 1, 2026, employers will need to pay superannuation on payday, rather than quarterly. This policy is still being developed, some business advocates are calling for monthly payments being allowed for certain businesses, and there is some time before implementation.

Promoting energy efficient commercial buildings

Commencing 1 July 2025
This measure extends the clean building managed investment trust withholding tax concession to eligible data centres and warehouses where construction commenced after Budget night.
Buildings will also need to satisfy higher energy efficiency standards to qualify for the concession.

Small Business Energy Incentive

For businesses with an annual turnover of less than $50 million
Provides an additional 20% deduction (ie. 120% deduction) on spending that supports electrification and more efficient use of energy.
Applies to new depreciating assets, as well as upgrades to existing assets
Exclusions include electric vehicles, renewable electricity generation assets, capital works, and assets that are not connected to the electricity grid and use fossil fuels