Federal Budget 2025-26: what it means for your small business

Binghay Co • March 26, 2025

The Treasurer, Jim Chalmers, delivered the Federal Budget 2025on Tuesday 25 March, which sets the financial plans for Australia, ahead of the upcoming election. This Budget introduced several changes, including tax cuts and cost-of-living relief. But what does it mean for small businesses?


Here's a quick summary of the key points that could affect your business.


Overview of the main Federal Budget


The Treasurer focused on providing cost-of-living relief, strengthening Medicare, and building Australia’s future. This includes:

  • Tax cuts for all taxpayers
  • Energy bill rebates for households and small businesses
  • Cheaper medicines and student debt relief
  • Significant investments in housing, education, and infrastructure
  • Improvements in debt and deficit figures since the Albanese Labor Government took office
  • Support for fair competition and regional development


Energy Bill Relief


Approximately one million small businesses will receive $150 off their energy bills until the end of 2025. This will help mitigate the impact of ongoing high energy costs for many small business owners.


Energy Efficiency Grants for SMEs


The government is offering $56.7 million in grants for small and medium-sized businesses to help improve energy efficiency. These grants, up to $25,000, can be used for upgrades like replacing inefficient appliances.


Competition and Fair Trading


The government is cracking down on unfair trading practices, such as those by supermarkets, to make things fairer for small businesses. The ACCC (competition watchdog) will be given more power to enforce rules, and penalties will increase.


Support for Australian-Made Products


The government is backing the production of green metals in Australia, which may open up opportunities for businesses in related industries. There's also new funding available through the Future Made in Australia Innovation Fund for clean technologies.


Ongoing Support for Small and Local Businesses


The Budget includes continued support for small businesses, making it easier to start, run, and grow your business. This includes:

  • Protection against unfair trading practices
  • Funding for the Buy Australian Campaign to support local businesses
  • Resources for regulators to create a level playing field
  • Tax relief for hospitality venues, brewers, distillers, and wine producers


National Broadband Network (NBN)


Increased funding of $3 billion in equity to complete the NBN rollout, which is essential for business productivity, particularly in regional and remote outback areas.


National Licencing


A new national licensing scheme for electricians will be introduced, which will eventually extend to other trades. This will reduce red tape and make it easier for tradespeople to work across states.


Non-compete clauses


Abolishing non-compete clauses for most Australian workers will create more worker mobility, and also making it easier for people to create small businesses.


Major infrastructure investment


Major infrastructure investment in building new housing, upgrading highways and servicing the rail network will provide opportunities for many small contractors.


Helping you plan for the proposed Budget changes

If you believe any of the Treasurer’s Budget announcements will affect your small business, we’re here to explain the changes, find a solution and grab the opportunities.

Binghay & Co are Accountants & Business Advisors located in Docklands, Melbourne.

Making your business work for you: making enough to retire

By Binghay Co • April 22, 2025
As a business owner, you may love running your company, but there’s always the underlying thought that, one day, you’ll need to sell and retire. With global markets in flux and an uncertain future, how can you ensure your business is worth enough when the time comes to sell? Let's look at the core ways your business can be structured to deliver on your own personal, family, philanthropic and leisure goals, now and into retirement. Creating a business that will fund your retirement plans Your business should be your retirement nest egg, but how do you ensure it holds its value for a comfortable retirement? Here are five strategies to boost your business’s value, ensuring you get the return on investment (ROI) needed when it’s time to sell. Build a business that can run without you To maintain its value at sale, your business must operate independently of you. Systematise your operations and create scalable processes, so the day-to-day functions are not solely reliant on you. A strong management team that can run the business without you is essential. Autonomy increases the business’s appeal to potential buyers, who want to ensure the company will thrive even after the founder leaves. Focus on recurring revenue streams Recurring revenues provide stability and increase your business’s value. Consider subscription services or other predictable income sources. Recurring revenue models significantly raise business valuation multiples, often by 2-3 times compared to transaction-based models. With a stable income structure, you can sell your business for a premium price, giving you the capital needed for retirement. Invest in intellectual property and licensing Intangible assets like intellectual property (IP) and brand equity can significantly enhance your business’s value. Consider developing products, processes, or technologies that can be patented and licensed. This creates passive income and appeals to buyers looking for businesses with valuable, long-term assets. Keep detailed records and keep finances healthy A business with a solid financial track record is more attractive to buyers. To boost your business’s appeal, maintain strong financial health, a good credit score, and positive cash flow. Rigorous financial tracking and clean books with 3-5 years of profitability will justify higher valuations and greater ROI, making your business a more desirable asset. Create a strategic exit plan well in advance of retirement The key to a successful exit is planning well in advance. Work with your advisors to enhance the business’s value, identify ideal buyers, and structure your exit in a tax-efficient manner. Ideally, start your exit strategy 3-5 years before retirement to ensure you have time to focus on succession planning, boosting business value, and securing enough capital for your retirement needs. Helping you secure your income and lifestyle You’ve worked hard to build your business, and you deserve a fulfilling, comfortable retirement. But to make that a reality, it’s crucial to plan ahead. Start working on your exit strategy now. Come and have a chat about your retirement plans and exit strategy. We can also introduce you to independent financial advisers who can offer personalised wealth management advice.

The Coalition's Budget Reply: the business insights

By Binghay Co • March 31, 2025
What does the Coalition’s Budget Reply mean for your business? We’ve outlined all the proposed changes that could affect your small business. #Budget #BudgetReply #BusinessTips

How to optimise your business: six areas to focus on

By Binghay Co • January 25, 2025
The new financial year is already in full swing, meaning most of you are still finalising your general ledger accounts in order to get the necessary information to us to prepare your final 2024 accounts and tax returns. Others have already got us your information and are looking ahead. Either way, it can be a time when we forget our current tax obligations, due in relation to the beginning of the 2025 financial year. In order for you to be across your tax obligations, below are the key compliance dates that are coming up. Make sure these lodgments are up to date to avoid any interest or penalties. KEY TAX DATES – SEPTEMBER/OCTOBER 2024 21 September 2024 – GST – Monthly Activity Statement and payment for August 2024 21 September 2024 – PAYG withheld – Monthly activity statement and payment for August 2024 21 September 2024 – PAYG instalment – Activity Statement and payment for monthly reporters for August 2024 30 September 2024 – TFN withholding report – Annual TFN withholding report for closely held trusts where a trustee has been required to withhold amounts from payments to beneficiaries during the 2024 income year 30 September 2024 – PAYG withholding payment summary – 2024 income year annual report due if lodged by us 21 October 2024 – GST – Monthly Activity Statement and payment for September 2024 21 October 2024 – PAYG withheld – Monthly activity statement and payment for September 2024 21 October 2024 – PAYG instalment – Activity Statement and payment for monthly reporters for September 2024 21 October 2024 – Annual PAYG instalment – Payment of annual PAYG instalment for 2023–24. Lodge only if instalment amount varied or the rate method to calculate the instalment is used 28 October 2024 – GST – Quarterly Activity Statement and payment for the July to September 2024 quarter if you do not lodge with us 28 October 2024 – PAYG withheld, FBT instalment and PAYG instalment – Quarterly Activity Statement and payment for the July to September 2024 quarter if you do not lodge with us 28 October 2024 – Superannuation guarantee – Due date for superannuation guarantee contributions for July to September 2024 31 October 2024 – Income tax – Due date for lodgment of 2023–24 income tax return for individuals, trusts and partnerships if you do not lodge with us 31 October 2024 – GST – Lodgment of annual 2023–24 GST return for instalment payers who are required to lodge tax returns by 31 October 2024 31 October 2024 – Companies – To provide distribution statements to shareholders for 2023–24 for most companies 31 October 2024 – Income tax – Due date for lodgment of 2023–24 income tax return for an entity that has one or more prior year tax returns outstanding as at 30 June 2024 31 October 2024 – SMSFs – Annual return for new registrant SMSF if the ATO has provided this due date We’re here to help if you’re facing operational issues, tackling people challenges, or have health and safety questions, give us a call or email us.