Small businesses will reap big savings on tax and power bills as the government encourages them to increase investment in new technologies.
The new measures saving small business owners thousands
Businesses struggling to make ends meet will be able to claim tens of thousands of dollars in tax incentives to drive down power bills and boost productivity.
Small business minister Julie Collins says they are “the lifeblood of our economy” and hopes the new measures will provide them with targeted, responsible support without adding to inflation.
Energy bill relief and tax asset write-offs will help tackle immediate challenges while investments in cyber security and cutting red tape aim to set up small businesses in the long term, she says.
In terms of immediate relief, one million small businesses will be eligible for up to $650 in power bill rebates from July, as part of a $3 billion relief package split with the states and territories.