Federal Budget 2023 Quick Summary

Attention all startups and SMEs! The latest government budget has just been released, and there are some exciting updates that you should know about.

Firstly, the government has announced a whopping $392 million in funding to support startups and SMEs to commercialize their ideas and grow their operations. This funding will include grants as well as mentorship opportunities to support these businesses in their growth journeys.

The budget has also extended the instant asset write-off scheme, allowing small businesses to immediately deduct the full cost of eligible assets, up to $20,000. This will be a significant boost for small businesses with an annual turnover of less than $10 million.

However, not all the news is positive. The government has announced a price hike for Visa Application Charges (VACs) from July 1, 2023, with an additional 40 percentage points for business innovation and investment visas. This may be a significant deterrent for overseas investors and venture capitalists who wish to invest in Australia.

Another critical announcement from the budget is the allocation of $101.2 million to support small businesses in adopting artificial intelligence (AI) and quantum technologies within their operations. This support will enable SMEs to improve their business processes and trade competitiveness, making them more competitive in a rapidly changing business landscape.

It is worth noting that there was no mention of crypto and blockchain in the budget papers. However, the budget is a complex document that covers a wide range of areas, and not everything can be included.

Overall, the latest government budget brings both good news and bad news for startups and SMEs. While the significant funding allocation for supporting startups and SMEs is welcome, the price hike for Visa Application Charges and the removal of fringe benefit tax exemptions for plug-in hybrids may have some negative impacts.

Nonetheless, the allocation of funds to support the adoption of AI and quantum technologies within SMEs will undoubtedly be a significant boost for businesses looking to stay competitive in a rapidly changing business landscape.

Fullstack offers a full suite of accounting & advisory services to help you get to the next level. Contact us here.

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Stuart Reynolds is the founder of Fullstack Advisory, an award-winning accounting firm for businesses leading the future. He is a 3rd generation accountant who specialises in tech & online companies.

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