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Budget 2024 delivers: Tools, training and rebates to empower SMEs

Exciting initiatives unveiled!

Author

Maziar Foroudian
May 15, 2024

Latest Stories

Discover the exciting initiatives unveiled in the Federal Budget 2024, specifically designed to support and empower SMEs. From cash flow relief to investment in skills and training, this comprehensive plan aims to revitalize the economy and alleviate the cost of living. Read on to learn more!

Step into the future with generative AI! Know how this game-changing tech is revolutionizing business landscapes from pharmaceutical development to customer feedback analysis. The future is here, are you ready?

Ready to sell an asset? Before you do, make sure you know about capital gains tax and how to minimize it. From investment properties to collectibles, learn the ins and outs of CGT and smart strategies to keep more of your profits.

Discover the potential impact of Artificial Intelligence on small businesses and the expectations for this year's Federal Budget. With SMEs struggling to survive, find out the key areas where they hope for economic relief and support in the transition towards a tech-driven future.

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Top stories

The 2024-25 federal budget proposes a 12-month extension to the $20,000 instant asset write-off for small businesses, allowing immediate tax deductions on assets. However, successful legislation is required for SMEs to benefit.

Treasurer Jim Chalmers delivered the federal government’s budget with a focus on SMEs. Key highlights include an extension of the instant asset write-off, energy bill relief, increased funding for mental health support, and measures to combat scams.

Australia

The Australian Taxation Office has received $187 million in new funding to combat tax and superannuation fraud. The funding includes upgrading technology, creating a taskforce, and extending notification periods for refunds to prevent large-scale fraud events.

Australian small and medium businesses may benefit from a $67.5 million funding package to combat digital scams. The Australian Taxation Office will receive $23.3 million to enhance e-invoicing security, while regulators will develop industry codes to safeguard against scams.

Australian Economy

Prime Minister Anthony Albanese introduced the Future Made In Australia policy, focusing on innovation in priority industries like quantum computing and solar power. A $1.7 billion innovation fund will support startups and small businesses over the next 10 years.

World

US wholesale prices rose sharply last month, indicating persistent high inflation. The Labor Department reported a 0.5% increase in the producer price index from March to April, with prices climbing 2.2% year over year, the biggest increase in a year.

Despite facing challenges from royalty payments to Clive Palmer and threats of shutdown, CITIC's magnetite operations in Western Australia have thrived. Subsidiary Sino Iron reported a profit of almost $820 million, a significant increase from the previous year.

Tech

Brussels is expected to file new antitrust charges against Microsoft for allegedly hindering competitors to its videoconferencing app Teams. The European Commission is concerned about the company's impact on competition in the sector.

OpenAI's recent event introducing GPT-4o was a mix of anxiety-inducing music and soothing ambiance, presenting the company as a trustworthy friend in the realm of AI technology. Despite concerns, OpenAI promotes safety and regulation in deploying generative AI.

Google is implementing restrictions for suspended Google Ads accounts, limiting actions like editing campaigns. This change gives Google more control over suspended accounts while allowing advertisers limited access for billing, appeals, security settings, and account navigation.

Curated for you

Amber McConnell explores innovative strategies for small businesses, focusing on cost-effective packaging solutions that prioritize sustainability. By customizing labels, choosing eco-friendly materials, and leveraging digital printing, entrepreneurs can cut costs while building a responsible brand that resonates with customers.

Researchers are using a modified Moral Turing Test to evaluate the moral reasoning of AI like ChatGPT. Results show that the AI outperformed humans in answering ethical questions, sparking discussions about the implications of AI morality.

OpenAI has announced GPT-4o, an AI assistant that can process text, audio, and vision simultaneously, offering new features like data analysis, chart creation, and document summarization. ChatGPT users will soon have access to this advanced tool.

In the Me, Myself, and AI podcast episode, Nobel Prize-winning economist Paul Romer discusses the implications of AI advances on society. Romer emphasizes the importance of keeping humans in the loop and directing technology towards meaningful and beneficial use, such as enhancing education.

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