Just under half of Australian small businesses have taken advantage of major SME-specific policies announced in the 2023-2024 federal budget, according to a new MYOB survey.
The tax and accounting platform has shared the results of its latest Business Monitor, which surveyed 1,047 small businesses across Australia.
It asked if respondents had taken advantage of four major policies announced in last year’s budget:
SmartCompany can exclusively reveal that 49% of respondents said they had not taken advantage of any of those four policies.
The survey did not represent the full swathe of small business and startup-adjacent measures contained in the economic roadmap, including the $1.5 billion power bill relief program.
However, it does suggest a particular appetite for measures designed to improve cash flow.
The IAWO was the most-used measure, with 31% of businesses claiming they opted to instantly depreciate a new asset.
Business respondents across all age groups and genders were similarly likely to take advantage of the scheme.
But it proved particularly popular in the ACT, with 51% of respondents claiming the deduction.
“Our latest Bi-Annual Business Monitor data shows instant asset write-off continues to provide value for SMEs as a tangible benefit to address the reduction of operational costs,” said Emma Fawcett, MYOB’s general manager for SME operations.”
After the IAWO, 12% of respondents plan to claim bonus deductions on energy-efficient upgrades through the Small Business Energy Incentive.
Just under one in ten businesses (8%) dodged FTL penalties through the amnesty, which expired in December last year.
Some 7% of survey participants have engaged with Cyber Wardens, and another 7% said they were unsure if they had taken advantage of those four measures.
The survey also provided insights into the kinds of businesses taking advantage of the 2023-2024 budget promises.
Gen Y respondents, aged between 30 and 43, were the most likely to adopt one of the listed budget measures.
In that cohort, 23% claimed not to have used any of the four.
Baby Boomers, aged 60 to 78, were the least likely to use any of the measures, with six in ten claiming not to have taken advantage.
Looking towards this month’s 2024-2025 federal budget, Fawcett said businesses have long told MYOB of their desire for less red tape and a lowering of the company tax rate.
“This year cost of living is also a high priority for businesses, who rely on customers to have the funds for discretionary purchases,” she continued.
“To provide measures that will really help Australia’s 2.5+ million SMEs, in this Budget the Government needs to help small businesses in these areas, by making it easier to run a business and helping put more money in the pockets of everyday Australians so it can flow through to SMEs.”
Treasurer Jim Chalmers will hand down the 2024-2025 federal budget on Tuesday, May 14.
To see SmartCompany‘s full budget coverage, click here.
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Senior Business Journalist
Focused on the small business sector, David’s work covers the political, regulatory, and economic issues facing Australian entrepreneurs. Prior to joining SmartCompany, he was a reporter for Business Insider Australia. You can follow him on LinkedIn.
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