6 Geelong Small Business Rebates and Subsidies for 2023-2024
As the new financial year unfolds, Geelong small businesses have a wealth of rebates and concessions available to them, aimed at boosting growth and aiding specific industries. To ensure you make the most of these opportunities, it’s essential to understand the key initiatives and approach them strategically. Here’s an overview of some major rebates and subsidies for small businesses in the 2023-2024 financial year, along with valuable tips.
1. Instant Asset Write-Off Extension
Originally introduced as part of COVID-19 response measures, the instant asset write-off has been extended until the end of the current financial year. Eligible small businesses can deduct the full cost of assets valued up to $20,000, provided they are first used or installed between July 1, 2023, and June 30, 2024. The $20,000 threshold applies to individual assets, enabling businesses to write off multiple assets simultaneously.
2. Small Business Energy Incentive
Designed to support energy efficiency efforts, the Small Business Energy Incentive offers a 20% deduction to businesses with an annual turnover below $50 million. Businesses that invest in electrification and more efficient energy use can claim a deduction of up to $20,000.
3. Energy Bill Relief Fund
To alleviate pressure on electricity bills, the Energy Bill Relief Fund provides eligible small businesses with financial assistance ranging from $325 to $650, depending on the state or territory. Detailed information about allowance values in each jurisdiction can be found on the energy.gov.au website.
4. Small Business Technology Investment Boost
In an effort to facilitate digital transformation, the Small Business Technology Investment Boost grants an additional 20% tax deduction to eligible businesses. Expenditure on various digital assets such as computers, software, ecommerce services, and cybersecurity systems can be considered.
5. Small Business Skills and Training Boost
Small businesses can also benefit from a 20% tax deduction through the Small Business Skills and Training Boost. This deduction applies to external training courses provided to employees by registered training providers, promoting skill development within the workforce.
6. Cyber Wardens Program
The Cyber Wardens program, run by the Council of Small Business Organisations Australia (COSBOA), aims to improve the cybersecurity practices of small businesses. Participating businesses will receive valuable training to enhance their in-house cybersecurity capabilities.
Tips for Success
While numerous grants and government support programs are available at local, state, and federal levels, business owners should carefully assess the value these initiatives present to their specific operations.
Experts recommend against making significant purchases solely to access schemes like the instant asset write-off for monetary gain. Instead, business owners should view these incentives as supplementary to income, and to evaluate how assets can genuinely improve their businesses’ performance and outlook.
When considering grant applications, it’s crucial to be well-prepared and align the process with your business plans. Some grants have short application periods and require substantial information gathering. The time invested in applying for a grant should correspond to the value it ultimately brings to your business.
In summary, small businesses have a range of opportunities to capitalise on rebates and subsidies, but strategic planning and careful consideration are paramount. By maximising the benefits of these initiatives and incorporating them into your growth strategy, you can propel your business forward in the ever-evolving market landscape.
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