The Albanese Government is delivering significant new practical measures to support Australian small businesses and to help them prosper. The Government has today introduced the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 (the Bill) into Parliament.

The Bill delivers measures announced in the 2022-23 Budget to ease pressure and boost resilience for small businesses. Small businesses are the engine room of Australia’s economy, which is why these new measures are so critical.

Schedule 1 to the Bill will implement a $20,000 instant asset write-off for one year, as announced in the 2023-24 Budget, to improve cash flow and reduce compliance costs for small businesses.

Small businesses are the engine room of Australia’s economy, which is why these new measures are so critical. Schedule 1 to the Bill will implement a $20,000 instant asset write-off for one year, as announced in the 2023-24 Budget, to improve cash flow and reduce compliance costs for small businesses.

Small businesses with an aggregated annual turnover of less than $10 million will be able to immediately deduct eligible assets costing less than $20,000, from 1 July 2023 until 30 June 2024.

The $20,000 threshold will apply on a per-asset basis, so small businesses can instantly write off multiple assets. This is targeted, responsible support, to help Australia’s small businesses continue to grow.

Schedule 2 to the Bill will introduce the Small Business Energy Incentive, a 2023-24 Budget measure designed to help small and medium businesses electrify and save on their energy bills.

Up to 3.8 million small and medium businesses with an aggregated annual turnover of less than $50 million will have access to a bonus 20 per cent deduction for eligible assets supporting electrification and more efficient use of energy.

The new tax incentive applies from 1 July 2023 until 30 June 2024. Up to $100,000 of total expenditure will be eligible for the incentive, with the maximum bonus tax deduction being $20,000.

The new Small Business Energy Incentive builds on the Albanese Government’s measures to help small businesses become more energy efficient and ease pressure on their energy bills.

Quotes attributable to Minister for Small Business, Julie Collins:

“The Albanese Government is committed to delivering a better deal for small business and recognises the sector is the engine room of the Australian economy.”

We’re focused on delivering responsible, practical assistance to small businesses so they can continue to invest and grow. Today’s legislation delivers on this.

The $20,000 instant asset write-off and the Small Business Energy Incentive are complementary tax incentives that provide targeted support to Australian small businesses.

The Government will continue to put small businesses at the centre of our decision-making.”

Quotes attributable to Assistant Treasurer, Stephen Jones:

“Small businesses are at the heart of the Australian economy- we want to see them continue to grow and the flourish”

The Government announced important initiatives to support small businesses as part of the 2023/34 Budget.

The $20,000 instant asset write off will assist in improving cash flow and reducing compliance costs for small businesses and the Small Business Energy Incentive will provide much needed relief on energy bills, while helping businesses to become more energy efficient.”


The National Retail Association represents more than 60,000 stores across Australia. It has been serving businesses in the retail and fast-food sectors for close to 100 years.

For more information, contact the National Retail Association on 1800 RETAIL (738 245).