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Federal Budget measures for small business

Small business operator

A number of measures in the 2021-22 Budget seek to support small businesses, or are of potential benefit

  • The Government is extending temporary full expensing for an additional year until 30 June 2023. Temporary loss carry-back is also being extended to include the 2022-23 income year.
  • To assist small businesses to pause or modify Australian Taxation Office debt recovery actions, the Government is broadening the Administrative Appeal Tribunal’s (AAT) powers to pause or modify such actions until the underlying dispute is resolved.
  • Small businesses will be assisted to adopt digital technologies through a $12.7 million expansion of the Digital Solutions – Australian Small Business Advisory Services. A further $15.3 million will be used to drive business uptake of e-invoicing.
  • The wage subsidy scheme for apprentices is being expanded by 100,000 places. Under the program, employers will be reimbursed 50 per cent of an apprentice’s or trainee’s wage for the first year, up to a cap of $7000 a quarter.
  • The excise refund cap for small brewers and distillers has been increased from $100,000 to $350,000 a year.
  • New grants will be offered to workers to take up agricultural jobs – up to $2,000 in relocation assistance after two weeks of work, and up to $6,000 after four weeks.
  • The Budget commits to supporting our worst hit sectors and regions, including $1.2 billion for aviation and tourism support and $300 million to support the successful reopening of Australia’s creative and cultural sectors.

For more information, download the Government’s PDF summary or go to the Budget website.

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