New year of support for small business

The Albanese Labor Government will continue to provide small businesses with targeted support as Australia heads into the new year.

Australia’s millions of small businesses are the engine room of our nation’s economy, but many continue to be affected by economic headwinds.

That’s why the Albanese Labor Government is providing them with the support they need to manage these challenges, and take advantage of the opportunities ahead of them, without adding to inflation.

This practical support includes:

• opportunities to get smarter and safer online with the Digital Solutions Program, the Cyber Wardens Program and two new programs announced in the 2023-24 MYEFO, the cyber health check program and the Small Business Cyber Resilience Service;

• helping start‑ups and small businesses to innovate, commercialise and grow their companies through the Industry Growth Program;

• supporting small businesses in their energy transition with the Small Business Energy Incentive, which provides businesses with annual turnover of less than $50  million an additional 20 per cent deduction on eligible spending until 30 June 2024;

• improving cash flow and reducing compliance costs for small businesses with an annual turnover of less than $10 million with the $20,000 instant asset write‑off, available until 30 June 2024;

• improving payment times by committing more than $8 million to implement a range of initiatives that will deliver better outcomes for small businesses, as recommended in the independent Statutory Review of the Payment Times Reporting Act 2020.

• supporting small business owners’ mental health and wellbeing through access to free specialised support services. The NewAccess for Small Business Owners program is being delivered by Beyond Blue, and the Small Business Debt Helpline by Financial Counselling Australia.

Businesses can find more information about the supports and opportunities available to them at business.gov.au.