Business Finances - Boost to small businesses

Small businesses are being given a boost by two incentives – the skills and training boost and the technology investment boost.

Skills and Training Boost

Businesses with aggregated annual turnover of less than $50 million will be able to deduct an additional 20 per cent of expenditure incurred on external training courses provided to their employees. The external training courses will need to be provided to employees in Australia or online, and delivered by entities registered in Australia. 

The boost for eligible expenditure incurred from Budget Night to 30 June 2022 will be claimed in the 2023 income year, while the 20% boost for expenditure incurred in the 2023 and 2024 income years will be included in the income year the expenditure is incurred.

Technology and investment boost 

This incentive is aimed at encouraging small businesses to invest in depreciating assets that support digital adoption technologies, such as portable payment devices, cyber security systems or subscriptions to cloud-based services.

Businesses with aggregated annual turnover of under $50 million will be able to deduct an additional 20 per cent of eligible expenditure for the 2022 and 2023 income years. 

The 20% boost for eligible expenditure incurred from Budget Night to 30 June 2023 will be claimable in the 2023 income year. There is an annual cap of $100,000 of eligible expenditure that applies to this measure, i.e. a maximum additional boost deduction of $40,000 can be claimed in the 2023 income year (for FY2021-22 and FY2022-23 combined).

Click HERE to download the report as a PDF or search links below to read on...

Personal Finances

• Cost of living relief: fuel excise cut and tax offset  
• Increasing the Medicare low-income thresholds

Business Finances

• COVID-19 tax concessions
• Boost to small businesses
• Expanded Patent Box Scheme
• Australia-UK Free Trade Agreement
• Tax audits and reviews
• Expanded Employee Share Schemes

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