Templeman Declares Budget 2023 Delivers For Small Businesses

Federal Member for Macquarie, Susan Templeman said small businesses across Hawkesbury and the Blue Mountains were set to benefit from some significant new practical measures to help them prosper thanks to the 2023 Labour Budget.

“I ran a small business for 25 years and I know that the more than 12,000 small businesses in Macquarie are the lifeblood of our economy and our communities, and our Budget invests in the security and certainty they need to thrive,” Ms Templeman said.

“We know economic conditions have been challenging for Australia’s small businesses, which is why the Budget delivers targeted, responsible support, improves the overall business operating environment and helps business owners reduce energy price pressures.

“At the centre of this support is our Energy Price Relief Plan which shields Australian households and businesses from the worst impacts of rising energy prices.

“In partnership with the NSW Government, this plan will establish the Energy Bill Relief Fund to provide up to $630 in electricity bill relief to eligible small businesses - all those who turn over less than $50 million a year.”

Ms Templeman said the government was also:

• Introducing the Small Business Energy Incentive, a bonus tax deduction to help up to 3.8 million small and medium-sized businesses save energy, upgrade their facilities and save on their energy bills;
• Temporarily increasing the instant asset write-off asset threshold to $20,000 for businesses with a turnover of up to $10 million, for one year;
• Reducing the time small businesses spend doing taxes, saving small businesses both time and money. Measures include allowing longer to amend tax returns, trialling an independent review for small businesses in dispute with the ATO and expanding access to advice through the tax clinic program.
• Introducing practical measures to guard small businesses against cyber threats through a $23.4 million program to help them train in-house cyber wardens.

She said the Budget was committed to helping tackle immediate challenges like energy costs, as well as cutting red tape.

• Topics:

• Government
• Living and Lifestyle
• Local Business / Economy