Small Businesses

2023 Budget – Small Business Energy Incentive

From 1 July 2023 a “bonus tax deduction” will be available of up to $20,000 on maximum expenditure of $100,000 on the cost of electrification and the more efficient use of energy.

The bonus will be available to businesses annual turnover of less than $50 million.

Small Business Entity Concessions

A table of business tax concessions with eligibility primarily based on aggregated turnover, compiled by the Tax Office. They include the Instant Asset (full expensing) Deduction Rules and eligibility which currently apply until 30 June 2023.

2022 Budget: Skills, Training And Technology 20% Deduction Boost For Small Businesses

A skills and training tax “boost” in the form of an additional 20% tax deduction on the costs of eligible employee training, will be available for small businesses (aggregated annual turnover of less than $50 million), on expenditure from 29 March 2022 until 30 June 2024.

A separate 20% deduction boost on expenditure for the uptake of digital technologies (capped at $100,000) will be available to 30 June 2023.

Technology Expenditure Which Is Eligible For Deduction Boost

Source: Exposure Draft Explanatory Materials

Draft legislation and explanatory materials have been released for comment. See:

The 20% boost for 2021-22 costs will be claimable in the 2022-23 tax return.

Boost elements incurred in the 2022-23 and 2023-24 years will be claimable in the year incurred.

See: Media Release

For progress on the legislation through parliament, see Treasury Laws Amendment (2022 Measures No 4) Bill 2022

ATO – Tax Concessions For Small Business

A run-down of federal tax concessions available for small businesses and conditions of eligibility from the Australian Tax Office.

Small Business CGT Concessions

A summary of the concessions conditions and a free downloadable checklist

R&D Tax Incentives

An overview of the R&D tax incentives scheme

Small Business Tax Discount (Offset)

What’s it worth, and how do you get it?

Did You Miss Out On Jobkeeper or Cash Flow Bonus?

It Might Not Be Too Late. This PDF link from Ban Tacs (retrieved 4 June 2021) suggests it could be worth having a crack if your business missed out.

Small Business Grants NSW

Grants, loans and financial assistance from the NSW Government including Coronavirus assistance measures.

Small Business Grants Victoria

Grants, loans and financial assistance from the Victorian Government including Coronavirus assistance measures.

Coronavirus information and support for business

From the latest COVID-19 government financial assistance and support measures and related news for Australian businesses.

Business Grants Australia business grants and programs search tool by postcode and industry type

Buying a Business Checklists & Due Diligence

What Is A Small Business?

Definitions and data sources

Small Business NSW Insurance Stamp Duty Exemption

Stamp Duty on Sale Of Business

A State-by-State round-up from LegalVision of the stamp duty payable on the sale of a business

Tax Implications On Sale Of A Business

Tax aspects of selling your business – Wolters Kluwer article

Family Business Succession Planning

Introductory Guide to Family Business Succession Planning

This page was last modified 2023-05-01