The 2022-23 Commonwealth Budget has delivered a raft of measures that will further assist NSW small businesses to rebound after two challenging years.
Small Business Minister Eleni Petinos said that measures outlined in the Federal Budget complement NSW Government initiatives already assisting the 800,000 small businesses across the state.
“The Federal Budget delivers strong incentives and measures to help NSW small businesses look to the future whilst navigating current challenges posed by the pandemic, floods and cost of living,” Ms Petinos said.
“NSW small businesses will benefit from measures to improve their cash flow, reduce red tape and provide greater convenience with reporting and meeting their tax obligations.
“Tax incentives to invest in skills, training, digital and cyber security will allow small businesses to adjust their operations to meet the modern business landscape.”
Measures announced by the Federal Treasurer that will assist NSW small businesses include:
- Additional tax deductions for digital uptake and training;
- Fuel excise cut by 50% saving 22.1 cents per litre;
- Lower tax instalments for pay-as-you-go (PAYG) and GST instalments for the 2022-23 income year;
- Changes to the PAYG system to improve small business cashflow;
- Improvements to the reporting of taxable payments;
- Allowing small and medium businesses who manufacture, import and distribute in the alcohol and fuel sectors to lodge and pay excise and excise-equivalent customs duty on a quarterly basis from 1 July 2023.