Small Business Technology Boost And Training Boost Now Enacted
What These Programs Mean For You
The Small business technology investment boost - Finishes June 30, 2023
This initiative allows eligible small businesses to claim an additional 20% tax deduction on technology expenditure. It’s important to note an entity can claim the boost for expenditure on a depreciating asset only if the asset is first used, or installed ready for use, by 30th June 2023.
So...if you purchased computer equipment, software or other technology last financial year, make sure that you talk to us about highlighting this in your accounts so that your Tax Accountant claims that extra 20% tax deduction for you.
Find out more here.
The Small business skills and training boost - Finishes 30 June, 2024
This program allows eligible small businesses an additional 20% tax deduction to train new and existing employees.
You can claim the deduction for external training courses delivered to employees either in person in Australia or online, by providers registered in Australia.
If you, or your staff, have done, or are planning on doing some training between 29 March 2022 and 30 June 2024, make sure that you let us know to highlight this in your accounts so that your Tax Accountant claims the bonus 20% tax deduction for you.
Find out more about the program on the ATO's web site.
