The Australian Labor Party won the 2025 Federal Election with a convincing majority on 3 May. This means Labor has another three years to continue its plans for supporting Australian enterprise, making life easier for small businesses and boosting the use of digital technologies.
We breakdown the Labor’s key policies that could have a positive impact for your small business.
1. Extension to the $20k instant asset write-off
Labor committed to extending, and potentially expanding, the $20k instant asset write-off scheme. This would allow your small businesses to immediately deduct the full value of eligible asset purchases, rather than depreciating them over time.
Making use of the instant asset write-off improves your cashflow position and acts as encouragement to invest in new equipment and infrastructure.
2. Energy relief and grants
To help reduce electricity costs, small businesses will receive energy relief until the end of 2025, providing a $150 reduction in energy bills this year. The Energy Efficiency Grants for Small and Medium Sized Enterprises (SMEs) program will also provide $56.7 million in grants of up to $25,000 to over 2,400 businesses, funding a range of energy upgrades, such as replacing inefficient appliances and improving heating systems.
Talk to us about making use of these government incentives.
Whether you’re a brand new startup, or an established small business, now’s a good time to make use of these government initiatives and tax incentives.
Come and talk to us about your plans for 2025 and beyond, and how incentives like the instant asset write-off and Technology Investment Boost could help your growth strategy.
The team at EMspire Advisory are trusted, qualified Chartered Accountants, tax agents, and small business accountants. We work closely with our clients to achieve the best possible outcomes. To find out more, please contact us!
Please note that this information is not specific and is general in nature and cannot be relied on as advice. Please contact us for advice specific to you and your circumstances.