The Federal Government handed down the 2022-23 Federal Budget on 29 March 2022.

Key budget measures for small and medium sized enterprises include:

• A cash flow support and red tape reduction package consisting of:

o   $9 million to recognise international safety standards

o   $2.8 million towards digitising legal documents

o   Lowering tax instalments applicable to PAYG and GST to two per cent for 2022-23 income

o   Facilitating pre-filling of payroll tax returns through data sharing

• Change to procurement rules to make it easier for SME’s to win federal government procurement contracts.
• 20 per cent tax bonus (investment allowance) for investment in digital technology and expenditure incurred on external training courses for upskilling staff.
• New employee shares scheme for start-ups, permitting employers to offer unlimited amounts of shares of unlimited value so long as an employee is not charged more than $30,000 pa.
• $5.6 million over four years from 2022-23 for the Fair Work Commission to establish a dedicated unit to support small businesses. 

 Other Budget highlights for business include:

• $740 million for the Western Interstate Freight Terminal in Truganina.
• $954 million over five years to introduce a new Australian Apprenticeships Incentive System.
• $365.3 million to extend the Boosting Apprenticeships Commencements program for three months.
• 49.5 million over two years from 2022-23 to provide an additional 15,000 low and fee free training places in aged care courses under the JobTrainer Fund.

Find new business opportunities on the Industry Capability Network (ICN) Gateway.

A pipeline of major infrastructure investments in Brimbank are about to commence and local businesses are encouraged to get a slice of the pie. 

Register on the ICN Gateway to receive information on dozens of new tender opportunities and relevant business focused events.