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Digital and Skills Tax Boost For Small Businesses

By Teltech ICT
blog-post-tax-budget

The Morrison Government is delivering $1.6 billion in tax relief to support small businesses to go digital and up-skill their staff.

As part of their plan for a strong economy and a stronger future, the Technology Investment Boost will increase digital uptake while the Skills and Training Boost will help small business attract, retain and up-skill staff.

Building on previous small business investment incentives, including the ability to instantly write‑off assets, which is in place until 30 June 2023, the 2022-23 Budget includes a comprehensive package of measures to support small businesses to grow, innovate and create more jobs.

Technology Investment Boost

More than 3.6 million small businesses with an annual turnover of less than $50 million will be able to claim a bonus 20% deduction for the cost of expenses and depreciating assets, up to $100,000 of expenditure per year.

Eligible expenditure includes items such as portable payment devices, cyber security systems and subscriptions to cloud-based services.

Skills and Training Boost

The Government’s Skills and Training Boost encourages small businesses to train new staff and up-skill existing staff, helping them to be innovative and grow. 

Small businesses will be able to claim a bonus 20% deduction for the cost of external training courses delivered to employees in Australia or online, by providers registered in Australia.

What does this mean for you?

That means at Teltech ICT all our products and services can be claimed under this incentive.

For further details on the Small Business Technology Investment Boost and Small Business Skills and Training Boost visit the ATO website here