2023 Budget Update
News, Tax & Accounting

2023 Budget Update

Well, as expected there was very minimal announcements for small businesses in last night’s 2023 Federal Budget update.

The focus of the budget was mainly at relieving some of the cost-of-living pressures felt by the most vulnerable Australians.

Measures to support cost-of-living pressures included:

  • Very modest increase of $40/fortnight to the JobSeeker, Austudy and Youth Allowance payments
  • Extending higher payments of JobSeeker to those aged 55 and over that have been on the payment for 9 months or more (previously available to over 60s)
  • Energy Rebates: these will vary by State.
  • Tripling of the bulk billing incentive, aimed at creating more access to bulk billing appointments for those under 16, pensioners or concession card holders.

For Small Businesses there’s a couple of items of note:

  • As expected, Temporary Full Expensing will cease on 30 June 2023. We do see the reintroduction of Instant Asset Write-off for those with less than $10m turnover.  The threshold per asset will be $20,000 for the 2024 financial year. For small businesses, all other assets can be depreciated under the small business pool rate of 15% in the first year and 30% in subsequent years.
  • Incentive for more energy efficient purchases: This will act as an extra tax deduction of 20% for spending that supports electrification and more efficient energy use. This is available for businesses with less than $50m turnover with a maximum incentive of $20,000, meaning up to $100,000 worth of spending.
  • For Employers to put on their horizon: We’ve seen STP1 and STP2 the next project will be immediate super payments.  The government has announced that from July 2026 employers will need to pay super at payday rather than quarterly.


  • The previously announced measure regarding doubling tax on members who have more than $3m in superannuation remains in the budget with no apparent changes to previously announced detail. We covered this announcement previously here

That’s it for the budget from our perspective. There remains no mention of any tinkering or cancellation of Stage 3 tax cuts, due to commence 1 July 2024…but there’s still next year’s budget before these come in and significant project commitments to pay for into the future.


Recent Posts

Why Your Small Business Should Use Swell: A Cashflow Forecasting Tool

In the world of small business, keeping up with the latest data trends and maintaining a healthy cash flow can be quite demanding. This is where Lemonade Beach’s Cashflow Forecasting program, “Swell” steps in – a real time financial tracking and management tool that serves as your financial consultant and advisor.

Three Swell Levels to Transform Your Business: Snapper, Bells, and Mavericks

In this blog post, we delve into the three levels of our Swell Cashflow Forecasting tool: Snapper, Bells, and Mavericks. Each one is designed to address the specific needs of businesses at different phases of their journey.

Cashflow Forecasting Made Simple: Ocean Analogy

Imagine your business’s finances as a vast and dynamic ocean, each wave representing the ebb and flow of your cashflow. In this analogy, cashflow forecasting becomes your navigation tool, helping you smoothly sail through the financial waters.

‘Tis the season to talk about Christmas Party Tax Rules

Have you ever wondered how to navigate the Fringe Benefits Tax when planning your business’ Christmas party? Well, fret not! We’ve got you covered with all the details on how to keep the party going without breaking the Christmas budget.