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.
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.
Disclaimer
This publication is intended as a general commentary only and does not purport to be comprehensive. It should not be regarded as tax advice and you should not act solely on the information contained herein. Please contact AscendPoint to further discuss about your circumstances or concerns.