5 government incentives that may help your business in 2024
Businesses that want to make the most out of 2024 can access a range of tax breaks, grants and support programs offered by the federal government. Here’s 5 government incentives that may help your business in 2024.
The instant asset write‑off allows small businesses to claim an immediate deduction of up to $20,000 for the business portion of the cost of an asset in the financial year the asset is first used or installed ready for use. Eligible assets or upgrades will need to be first used or installed ready for use before 30 June 2024.
The Small Business Energy Incentive gives small businesses an additional 20% tax deduction on spending that supports electrification and more efficient use of energy.
Under the Industry Growth Program, your small business can be paired with an adviser who will provide tailored advice to support your commercialisation and/or growth project. Once you’ve received this advice, you may also be able to apply for:
Grants of $50,000 to $250,000 to support early-stage commercialisation projects
Grants of $100,000 to $5 million for commercialisation and growth projects
If you’re feeling stressed, NewAccess for Small Business Owners provides six sessions of free mental health coaching for small business owners, while the Small Business Debt Helpline is a free service for small business owners in financial difficulty.
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