The highlights of the Australian Federal Budget and how it could empower freelancers and creatives
The Australian Government has recently released its 2023-24 budget, and we want to show you the positive outcomes that could be good news for freelancers, contractors, and creatives. (We urge you to look into other areas that will effect you).
“The Government is investing to renew and strengthen our arts, entertainment and cultural sector, ensuring growth in our creative economy.” Says the Office of the Arts. The budget isn’t all diamonds and roses but does include measures that are aimed at supporting and boosting the creative sector, and this is excellent news for freelancers, contractors and creatives.
One of the key initiatives in the budget is the extension of the Instant Asset Write-Off Scheme, which allows small businesses to immediately deduct the full value of eligible assets purchased. “The Australian Government announced it will improve cash flow and reduce compliance for small businesses by temporarily increasing the instant asset write-off threshold to $20,000, from 1 July 2023 until 30 June 2024.” - ATO https://www.ato.gov.au/General/New-legislation/In-detail/Direct-taxes/Small-Business-Support---$20,000-instant-asset-write-off
This means that freelancers and contractors can invest in new equipment or technology without having to worry about the upfront costs, and it will be a significant boost to those who rely on technology to do their work, get that Mac.
The budget also includes measures to support small business owners and entrepreneurs, including tax cuts for small businesses, simplified tax reporting rules, and access to low-cost finance. This is excellent news for freelancers and contractors who often operate as a business, and it will make it easier for them to access the funding they need to grow their businesses. (Source: https://www.ato.gov.au/business/small-business-entity-concessions/what-s-new-for-small-business/)
However, the budget has not addressed the issue of irregular work, which can be a problem for many freelancers and contractors. There are no direct measures to address the growing trend towards gig work or to improve the rights and conditions of those working in this sector.
A key development for freelancers and creatives is the Government's investment in the arts and creative industries. The budget includes funding for a range of initiatives, including support for regional arts and cultural events, funding for new public art projects, and a new initiative to support the development of creative industries. This will provide new opportunities for creatives to showcase their work and connect with new audiences. (Source: https://www.arts.gov.au/news/2023-24-federal-budget-revitalise-arts-sector)
In addition to these measures, the Government has also announced funding for new training programs to support the development of digital skills. This is particularly relevant for freelancers and contractors who often work in digital or online spaces, and it will help them to keep up with the latest technology and trends in their industries.
This is just a few positives to take from the 2023-34 Australian budget, there may be other aspects that effect you which is why we urge you to take a look at other areas, these are just some good news highlights for freelancers, contractors, and creatives, because that is what we know. While challenges still exist for our industry, the Government's commitment to supporting them is a positive sign moving forward.
This is a quick take on how it will effect creatives and freelancers. If you want to read more about the Australian 2023-24 Federal budget and how it effects wider aspects of the country and community here are a few links.
Australian Federal Budget
https://budget.gov.au/
Workforce Australia supports creative and freelance workers
Australian Government Department of Finance, Federal Budget
https://www.finance.gov.au/government/federal-budget
ABC Federal Budget: Winners and Losers
https://www.abc.net.au/news/2023-05-09/federal-budget-2023-winners-and-losers/102287782