During the 2022 financial year the government announced they would be helping support small businesses with a technology investment boost and a skills and training boost. These new boosts came into law as of 23 June 2023.
Small Business Technology Investment Boost
Small businesses are now able to deduct an additional 20% of expenditure incurred on increasing the businesses digital operations. This includes purchases of laptops, cyber security systems and most things technology related.
There is an annual cap of $100,000 per financial year, with the maximum boost capped at $20,000. Any expenditure over the $100,000 will also be deductible as usual but will not be eligible for the boost.
To be eligible for the boost the expenditure must have occurred from 19:30, 29 March 2022 until 30 June 2023, and been installed and ready to use.
Skills and Training Boost
As with the technology boost, there is an additional 20% deduction allowed on skills and training expenditure.
The expenditure must be:
- For the provision of training to employees of your business, in person in Australia, or online
- Charged directly or indirectly, by a registered external training provider that is not you or an associate.
- Already deductible for your business under tax law,
- Incurred between 19:30, 29 March 2022 and 30 June 2024.
Please contact our office if you have any questions.