What does the latest Budget mean for your hospitality business? 

Finding ways to help your business succeed is what we love doing here at SilverChef. 

Australia’s latest Federal Budget was recently announced. So we dove into the funding allocations, and have identified several with potential impact to the successful operations of cafes and restaurants around the country.  

Many of these insights are geared toward small business operations, and as always, we advise you to discuss with your tax agent how best to leverage any of these changes for your business.  

Instant Asset Write Off Extension 

A big win for hospitality operators! Owned assets, including second-hand equipment such as SilverChef's Certified Used range, could be eligible for the now extended* Instant Asset Write Off.  

This means business owners could have access to an immediate deduction on eligible assets worth less than $20,000. Chat with your tax agent to discover how to make the most of this for your needs.   

6 Free Mental Health Coach Sessions 

The highs and lows of the hospitality world can easily affect the mental health of even the most resilient people. Seeking additional support can often be far down on the list of priorities for business owners, so alleviating the complexity to find help is crucial.  

NewAccess tackles this challenge, providing easily accessible and free mental health coaching to small business owners. This Government backed program has been extended under the latest budget, providing support options for those seeking to strengthen their mental health muscle for the year ahead.   

Access to Business Debt advice  

The continuation of the Small Business Debt Helpline (1800 413 828) under the latest Budget has the capacity to support many Australian business owners through what can otherwise be a complex and isolating experience.  

Financial counsellors are equipped to provide callers with free, confidential and independent advice.  

Ombudsman Support  

For small businesses, managing and resolving disputes can easily derail the momentum and success of day-to-day operations. A complicated and nuanced process which many owners are not suitably equipped to handle. This year’s budget included funding allocation for business-to-business dispute resolution support though the Small Business and Family Enterprise Ombudsman.  

Part of achieving business success can be found in leveraging the support and funding available.

So, while planning out the next year for your hospitality business, ensure you’re gathering the support available to you, it could make all the difference in 12 months’ time.   

*Please note, that the extension to the Instant Asset Write Off is not yet law, and still under review, more details from the ATO here.   

At SilverChef, we exist to see hospitality businesses thrive! Whether that's through celebrating inspiring owners (like Avi and Lois from NZ's Scoundrel Cafe), offering flexible hospitality financing or unpacking current industry news and trends. 

If you have a hospitality business (or the dreams of one) SilverChef are here to help you attain the best equipment fit out for your business' unique needs and goals. Read more on our financing options here.