NTAA 2023/24 Budget Update

June 2023

On 9 May 2023, Treasurer Jim Chalmers handed down the 2023/24 Federal Budget. 

The June edition of Voice details some of the measures announced by the Government (including some which were actually announced prior to the Budget) on pages 3 and 4. 

In addition to these, one of the most important aspects of this Budget was that the Government has provided some further depreciation relief for small businesses once temporary full expensing comes to an end on 30 June 2023. 

Specifically, from 1 July 2023 until 30 June 2024, the Government will temporarily increase the instant asset write-off threshold for small businesses (with an aggregated annual turnover of less than $10 million) from $1,000 to $20,000. Assets valued at $20,000 or more (which cannot be immediately deducted) can continue to be placed into the small business simplified depreciation pool. 

Also, the provisions that prevent small businesses from re-entering the simplified depreciation regime for five years if they opt-out will continue to be suspended until 30 June 2024. 

As always, we have provided a comprehensive summary of the Government's tax and superannuation announcements in the NTAA's 2023/24 Budget Summary on our website, along with our Budget Update Video.