Federal Budget announcement 2023 – updates for businesses

The key considerations for businesses as a result of the 2023 Federal Budget announcement are as follows:

Electric vehicles – Fringe Benefits Tax Exemption
As previously announced, from 1 July 2022, electric vehicles with a retail price below the luxury car tax threshold ($84,916 for fuel efficient vehicles) will be exempt from FBT and free of customs duty on importation.
This measure reduces the cost of employers providing vehicles to staff that are wholly or partly used for private purposes.
The cars must not have been held or used before 1 July 2022.

Small Business Owner Support Funding
The Budget also provides $15.1 million over two calendar years from 1 January 2023 to extend the Small Business Debt Helpline and the NewAccess for Small Business Owners programs to support the financial and mental wellbeing of small business owners.

Energy Efficiency Grants for Small and Medium Sized Enterprises
The Budget includes $62.6 million over the next three years to support SMEs to fund energy efficient equipment upgrades. The funding will support studies, planning, equipment, and facility upgrade projects that improve energy efficacy, reduce emissions, or improve the management of power demand.
Increase in Heavy Vehicle Road User charges