Small business instant asset write-off threshold to increase
As part of the 2023–24 Federal Budget, an increase in the small business instant asset write-off threshold was announced to support small businesses. A bill proposing to enact this measure has now been introduced in the Parliament.
With the temporary full expensing (TFE) incentive available to small and medium businesses with a turnover of less than $5 billion, ending on 30 June 2023, this measure was announced to relieve small businesses from high inflation and other market volatility pressures.
Small business skills and training boost
A bonus tax deduction of 20% is available for external training costs for staff. It is available for expenses you have incurred between 29 March 2022 and 30 June 2024. However, any bonus deductions for expenses incurred before 30 June 2022 may be delayed by a year in being refunded to your business.
Surgery suspension and your PAYG tax instalments
The latest iteration of covid related disruptions results in the postponement of all non-urgent elective surgeries until March 1. As a medical specialist who relies on procedural work, your revenue will drop between 10% to 20% for the current financial year.