The major tax-related measures announced in the Budget included:
Small businesses instant asset write-off threshold: $20,000 for 2023-24 for businesses with aggregated annual turnover of less than $10 million. The $20,000 threshold will apply on a per asset basis. The current instant asset write-off scheme expires on 30 June 2023.
Small Business Energy Incentive: businesses with annual turnover of less than $50 million will be able to claim an additional 20% deduction on spending that supports electrification and more efficient use of energy. Eligible assets or upgrades will need to be first used or installed ready for use between 1 July 2023 and 30 June 2024.
FBT: Hybrid electric cars will be excluded from the FBT Exemption for electric vehicle.