Small Business Budget Changes 2022-2023!
The Small Business Commissioner and a number of other businesses have released important budget changes for small businesses for the 2022-2023 federal budget.
If you have looked through the budget, you would know that it can become overwhelming trying to determine what is appropriate to your needs. And can be even more confusing trying to decipher the terminology that is used.
Here are some of the main things that may assist you in your small business:
- Tax deduction for digital uptake and training
Small businesses will be able to deduct 20% of the costs for both depreciation of digital assets and external training for employees! This means being able to claim more back for the cost of training for staff (such as first aid and WHS related courses) as well as digital items (such as computers, cyber security and devices).
- Fuel excise cut
The fuel excise will be set at 22.1 cents per litre for the next six months, whilst not a massive win, I am sure it will help many businesses who travel for their work.
- Apprentice wage subsidies
Apprentice wage subsidies will take a massive overhaul for businesses looking to employ apprentices. This means an increase in wage subsidies particularly in the first year, as well as an introduction of further claims that can be completed by employees.
- Lower tax instalments in 2022-23
PAYG and GST instalments will be lowered from 10% to 2%, meaning that instalments would drop significantly.
- Paid parental leave changes
The 18 weeks for a ‘primary carer’ and the 2 weeks for the ‘secondary carer’ will be able to be used across both carers as a split, as the two seem fit. This is instead of the current situation where it must be used only for that specific carer.
- Improvements to PAYG system to help manage cashflow
If performance declines businesses may be able to get refunds of instalments that were paid automatically.
- Disaster funding
Small businesses are looking to receive a boost in regards to disaster relief related areas, such as the flooding in NSW and QLD.
I hope this takes away the jargon and helps you see areas that may be of assistance to you about budget changes for small businesses.
Thank you.
-Kaitlin-