Small business tax incentives back on the table

The Albanese Government has confirmed its commitment to implementing two tax incentives aimed at supporting small businesses to train and upskill employees and improve their digital and tech capacity.

The Technology Investment Boost and the Skills and Training Boost were announced in the 29 March 2022 Federal Budget but remain unlegislated.

Small businesses with an annual turnover of less than $50 million will be able to claim a ‘bonus’ 20% deduction for eligible expenditure on:

  • external training of employees until 30 June 2024; and
  • the uptake of digital technologies until 30 June 2023.

The incentives will be backdated to 29 March 2022.

Editor:  These incentives are not yet law.  If you have spent, or are considering spending, on training or digital technology, please contact our office for an update.

DO YOU HAVE QUESTIONS ABOUT THIS BLOG TOPIC?

CALL (08) 9248 8124 NOW OR SIMPLY FILL IN THE FORM BELOW

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Related

Warren Kruger

Specialist Tax Consultant - “Helping YOU Pay The Correct Tax And Not A Penny More”. My story starts on Christmas Eve, back in 1983 in South Africa.

Leave a Comment

Your email address will not be published. Required fields are marked *

Need Help With

Your Tax Return?

Complete the form below for a fast response

Scroll to Top
Call Now Button