The Coalition is set to unveil its small business strategy on April 19, 2025, which will include an 'entrepreneurship accelerator' and 'tech booster' incentives.

This strategy features new tax offsets and deductions designed to encourage entrepreneurship among Australians.

Newly incorporated businesses will benefit from tapered tax offsets during their first three years, with specific tax rates applied to their income brackets.

In the first year, new businesses will only pay tax on $25,000 of their first $100,000 earned, and on $50,000 of the second $100,000.

The tax offset rates will adjust in the second and third years, offering 60% and 40% in year two, and 50% and 30% in year three for the respective income brackets.

In contrast, Labor has proposed extending the $20,000 Instant Asset Write Off for an additional year to further support small business growth.

Recent data indicates a record number of new businesses have been established, contributing to a decrease in overall business rates.

The Coalition aims to create 350,000 new small businesses over the next four years, supported by lower taxes, easier financing, and reduced red tape.

Peter Dutton has committed to this ambitious goal, emphasizing the need for new tax incentives to support small business growth.

Deputy Opposition Leader Sussan Ley highlighted the plan as vital for revitalizing Australia's economy during challenging times for small businesses.

Dutton has expressed a strong commitment to supporting small businesses, particularly during their challenging establishment phase.

Additionally, businesses can claim a maximum tax deduction of $2,000 for technology upgrades costing $4,000, applicable across multiple purchases.