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2024 Small Business Boosts

Small Business Boosts

From 1st July 2024, a range of new grants and programs will become available for businesses:

Instant Asset Write-Off

What is it?

The Instant Asset Write-Off allows eligible businesses to claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used or installed ready for use.

Key Features:

  • Multiple Assets: You can apply the write-off to multiple assets, provided the cost of each individual asset is below the relevant threshold.
  • New and Second-Hand Assets: Both new and second-hand assets qualify for this write-off.

Eligibility Criteria

  • Aggregated Turnover: Your eligibility and the applicable threshold depend on your business’s aggregated turnover.
  • Purchase and Usage Date: The asset must be purchased and first used or installed ready for use within specific date ranges.
  • Cost Thresholds: The cost of the asset must be below the releva
Thresholds:
  • $20,000: For assets first used or installed ready for use between 1 July 2023 and 30 June 2024, for businesses with less than $10 million in aggregated turnover.
  • Other threshold will apply for previous years
Check your Eligibility

Small Business Energy Incentive

What is it?

The Small Business Energy Incentive provides a bonus 20% tax deduction on eligible assets and improvements that support more efficient use of energy.

Key Features:

  • Bonus Deduction: Receive a 20% bonus tax deduction on eligible expenditures.
  • Period: This applies to expenditure on assets or improvements incurred between 1 July 2023 and 30 June 2024.
  • Cap: The bonus deduction is capped at $20,000, with a maximum of $100,000 of total eligible expenditure.

Eligibility Criteria

  • Aggregated Turnover: Your business must have an aggregated annual turnover of less than $50 million.
  • Deductible Expenditure: The expenditure must be deductible under other taxation law provisions.
  • Usage Period: The asset must be first used or installed ready for use within the bonus period. For improvements to existing assets, the expenditure must be incurred during the bonus period.
What Can Be Claimed?
  • Depreciating Assets: Applies to expenditure on new depreciating assets first used or installed for a taxable purpose within the bonus period.
  • Improvements: Expenditure on improvements to existing depreciating assets incurred during the bonus period is also eligible.
Check your Eligibility

Boosts for Night-Time Economy Businesses and Artists

What is it?

The ACT Government is transforming Canberra’s night-time economy through the Night-Time Economy Reform Package. The package seeks to create a vibrant night-time economy, foster artistic and cultural expression, and provide a flexible regulatory environment for businesses.

Support Measures Introduced in 2024:

January 2024

  • Increased standard licensed times for small restaurants and cafés from midnight to 2am.
  • Reduced annual liquor fees for licenced venues below a specified threshold. 
  • Removed requirement for separate areas for on-premises and off-premises liquor sales for general licence holders.

April 2024

  • Amended Liquor Act 2010 to support live music, entertainment, and tourism.
  • Allowed more business types to supply complimentary alcohol without a licence (i.e. nail salons and beauty salons where the provision of alcohol is complimentary and ancillary to the business’s services).
  • Empowered the Minister to exempt additional business categories from liquor licensing requirements.

July 2024

  • Enabled all licensed venues to apply for up to 10 extended trading authorisations in any 12-month period for business-led events (licensee events).
  • Provided venues, that have approval from the landlord, with 10 free authorisations to change their floor plan for business-led (licensee events) and special events.
  • Allowed new businesses to operate under interim licences during application delays. (In instances where the commissioner is satisfied from a risk and safety perspective that the premises can still provide alcohol.)
  • Enabled an 80% reduction in annual liquor fees for venues that showcase artists, musicians, and other cultural activities.
  • Implemented vibrant entertainment precincts in Gungahlin and the City Centre with adjusted planning and noise standards.
  • Conducted a Night-time Vulnerability Assessment for the City Centre and procured an expert to recommend safety improvements.
Check your Eligibility

By understanding and leveraging these programs, you can significantly boost your business’s financial health and operational efficiency.

For more detailed information or assistance with claiming these benefits, please visit the relevant government websites.

Source: Tailored Accounts

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