Share in the cash splash

Faced with an economy battered by lockdowns and border closures, the federal government has delivered a big-spending budget, with plenty of the cash splash pitched at small businesses.

The government has flipped open its cheque book with a program of spending that will see the nation’s net debt increase to 36% of GDP this year, rising to 54% of GDP by June 2024. But for small to medium enterprises, the budget delivers much-needed financial support. Here’s what’s up for grabs for your small business.

Carry-back business losses

A key budget platform is a new loss carry-back scheme, allowing businesses to offset losses incurred to June 2022 against prior profits made in or after the 2018-19 financial year. If your business is eligible,