The Albanese Labor Government is delivering tax relief and cutting compliance costs for Australia’s more than 2.7 million small businesses.

Small businesses will benefit from $3.8 billion in business tax relief measures which will apply from 1 July. These are designed to support resilience, investment and growth:

• making the $20,000 instant asset write‑off permanent
• introducing permanent two‑year loss carry back
• introducing loss refundability for start‑ups
• removing a further 497 nuisance tariffs – saving businesses around $127 million in compliance costs per year
• supporting small businesses to take up digital technology
• making it easier to access workers with the right skills
• providing free access to mandatory standards, saving some small businesses more than $1,600 a year.

These measures will be backdated to commence from 1 July, even if they haven’t passed the Parliament yet.

The Government is also continuing to support small business owners through NewAccess for Small Business Owners, delivered by Beyond Blue, and the Small Business Debt Helpline, which provides free, independent, and confidential financial counselling.

This builds on Labor’s broader small business agenda, including Australia’s first National Small Business Strategy, the new Small Business Consultative Group made up of current and former small business owners, and more than $30 million to improve payment times so small businesses are paid on time.