Rising utility bills are putting profits under pressure for more than one Lin three (36%) small businesses, according to a 2023 survey by MYOB, the accounting software provider. So, when the federal budget included energy savings of up to $650 for eligible small businesses from July 2023, their owners undoubtedly breathed a sigh of relief.
As is often the case, though, the devil is in the detail. The key words are "eligible" and "up to". The reality is that not every small business will share in the spoils.
The government will chip in $325 towards power bill relief for each small business nationally. But the savings could be far higher depending on your location.
In NSW, Queensland, Western Australia, South Australia, Tasmania and the Northern Territory, the state/territory government will provide a co-contribution of $325. With the federal relief, this means a saving of $650 per business.
In Canberra, the situation is slightly different. The ACT government is lowering electricity tariffs for businesses through its large-scale feed-in tariff scheme. This will provide direct bill relief, with the savings expected to average around $624 annually per small business. This is on top of the Commonwealth's $325.
Esta historia es de la edición July 2023 de Money Magazine Australia.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición July 2023 de Money Magazine Australia.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
An outrageous, beautiful monopoly
Telstra's mobile business is a cash machine with few competitors, giving it the highest returns in the world.
Drop the anchor to judge value
Buying and selling decisions should be based on where a stock price is going, not where it has been.
Powering the AI boom
Beyond the software and chipmakers, where will the energy come from?
Get into life
Tucked inside super are products that can protect you from life's inevitable uncertainties.
Paths to home ownership
Taking the road less travelled can sometimes deliver unexpected benefits.
Sold! Quick ways to add value
Small, strategic changes can have a big impact on the look and feel of your home. And get you a better price on auction day.
Money lessons the kids need to know
Your children can learn a lot from your past money mishaps. Here are eight financial conversations I have had with mine.
Property-investing rules: are they likely to change?
The pressure for the government to curb the tax benefits of tax concessions, such as negative gearing and the capital gains tax discount, is unrelenting. Most recently, independent senators David Pocock and Jacqui Lambie proposed five options for paring back investment property tax concessions, with savings to the Federal budget of up to $60 billion over the next decade.
What's love got to do with it?
A rollercoaster of emotions could be driving poor crypto behaviour.
Are we ready to be cash-free?
Saying goodbye to our piggy banks too soon could leave small businesses in the dark when problems arise.
