2023-24 Federal Budget

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.

Read more: ABC News | Smart Company

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

Read more: CPA (p13)


Cyber Security

  • Cyber Wardens, an initiative of COSBOA, to increase cyber security skills and awareness in small businesses
  • Maintained funding
  • See cyberwardens.com.au
  • Work is continuing on establishing a National Anti-Scam Centre, and other measures to address cyber security.

Arts / Music 

  • The Budget confirmed funding for a policy announced in January, Revive, which includes investment in a rebranded and restructured Australia Council (to be renamed ‘Creative Australia’,
  • $286 million for the delivery of the Revive policy, of which $69.4 million is for Music Australia.
  • There is additional funding for the National Collecting Institutions, the screen industry’s Location Offset, and other measures.

More info: National Cultural Policy (Revive) | Budget announcement