2023-24 Federal Budget Announcements for Small Business

  • The Australian Government has announced that the Instant Asset Write-Off scheme will be extended and re-defined for small businesses with an aggregated turnover under $10 million where they can immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2024. For more information, visit the ATO website.

    Separately, the Small Business Energy Incentive will enable businesses with an aggregated annual turnover of less than $50 million to claim a 20% bonus tax deduction (capped at $100,000 of total expenditure, with the maximum bonus tax deduction being $20,000 per business) for investing in electrification and more efficient use of energy. This is intended to help small businesses make investments like electrifying their heating and cooling systems, appliance upgrades to more efficient fridges, and installing batteries and heat pumps. Eligible assets or upgrades will need to be first used or installed ready for use between 1 July 2023 and 30 June 2024. For more information, visit the ATO website.

    Combined with our new Green Asset Finance offering, our customers may improve their cash flow, reduce costs and improve their capabilities to grow for the future.

Borrow and still claim the write-off

If you use financing to purchase the asset (such as an equipment loan), you may still be entitled to claim the immediate deduction.2

Here are three benefits to consider: 

1. Hold on to your cash

  • Borrow using the equipment you purchase as security
  • No deposit required 
  • No monthly fees

2. Take advantage of fixed interest rates

More about these rates

3. Benefit from flexibility

  • Payments can be structured to your business’ cash flow
  • You can lower repayments by structuring a balloon/residual payment at the end of a 2-5 year payment period
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Get a quote in less than 60 seconds

See how you could benefit3

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Who can apply for finance?

  • You can apply if your business has: 

    • Traded for more than 12 months
    • A good credit rating 
    • Not undergone or undergoing bankruptcy
    • Other existing accounts in good standing with the Bank
  • To apply, you'll need to be:

    • Financing equipment that will be used by a business
    • An individual, sole trader, sole owner of your company or someone authorised to apply for finance and credit for a business
    • Aged 18 years or over
    • Eligible to work in Australia

Apply in four easy steps3

Our Equipment Finance team can talk to you over the phone, online or meet you in person at a time that suits you.


Get a quote online

We’ll give you a breakdown of the costs and interest. We'll need to know:

  • What you want to finance
  • How old it is
  • The finance amount


Simple application

Eligible CommBank customers can receive a conditional credit decision3 online (otherwise we'll call you to process your application).


Sign your documents online

When your application is approved you can sign your finance agreement online, using our SmartSign paperless technology.


Prompt payment to your supplier

If approved, we’ll pay your supplier promptly after you sign your agreements online.

Things you should know

  • Credit provided by the Commonwealth Bank of Australia. These products are only available to approved business customers and for business purposes only. Applications for finance are subject to the Bank's eligibility and suitability criteria and normal credit approval processes. Individuals should view our current Terms and Conditions for Asset Finance and consider them before making any decision about these products. Rates are subject to change.  

    1This information is current as at 28 June 2023, and is for general information purposes only. It has been prepared without considering your objectives, financial or tax situation or needs. You should consider the appropriateness of this information to your circumstances before acting on it. Tax law is subject to change. At the time of writing, legislation enacting these changes is yet to be introduced into Parliament. Commonwealth Bank is not a registered tax (financial) adviser under the Tax Agent Services Act 2009 and you should seek tax advice from a registered tax (financial) adviser.

    2This is provided it is depreciable under Division 40 of the Income Tax Assessment Act 1997, is acquired and first used by the relevant dates. For more information, visit the ATO website

    You can apply for conditional approval in NetBank if you’re an existing CommBank business customer who is a sole trader or the single director of a company that has been operating for at least 12 months. Fees, charges, terms, conditions and lending criteria apply.