Tradies are winners in the 2024 budget

Tradies are the critical workers in the Australian property market. They’re responsible for new home builds as well as renovations and extensions. Since Covid they have been in hot demand and one builder I spoke to said he use to advertise and not even get one response since Covid.

They also run some of the most complex businesses and need the help of bookkeeping software like MYOB and Xero, particularly where it relates to Project or Job Tracking.

In the 2024 Australian Federal Budget they got some good news.

The popular instant asset write-off scheme allows small businesses with an annual turnover below $10m to claim a tax deduction on new equipment (such as a new ute, an oven, or a coffee machine) up to the value of $20,000. This tax incentive has been promoted many times in the past and I wrote about it in 2018 and even as far back as 2012.

The Council of Small Business Australia has been urging the government to increase the threshold to $150,000 and although the asset value has increased we have a long way to go.

The federal government has also committed $90 million to cover the education costs of 20,000 more people seeking to study programs related to housing and construction. Master every aspect of Xero with the Xero Complete online training course.

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