Federal Budget Goodies Just for You!

There are a couple of government incentives:

• 20,000 Instant Asset Write off:
  1. Claim a full tax deduction for any business assets you purchase between 1/07/2023 to 30/06/2025 that cost less than $20,000.
  2. This is a possible tax saving of $6,500 if you are a small business and spend $20,000.

• Small Business Energy Incentive:
  1. Claim a 20% additional tax deduction for assets that support electrification or more efficient use of energy from 1/07/2023 to 30/06/2024.
  2. Example – upgrading to more efficient appliances and tools.
  3. This is a possible tax saving of $1,950 if you are a small business and spend $5,000.

• Electricity Bill Rebate:
  1. Households – are eligible for a $300 annual rebate that will be automatically applied in quarterly instalments to electricity bills from 1 July 2024.
  2. Small Business – will get $650 in bill relief if:
     • you are based in Queensland with a separately metered business tariff
     • have an annual electricity consumption below 100 MWh.
     • you will not receive it if you run your small business from home

     If you are eligible, your electricity provider will automatically apply the bill relief.

Give me a call to discuss how you can take advantage of these and reduce your tax bill.

*All tax savings assume that you are a small eligible business with a profit between $45,000 and $120,000.