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 an extra ‘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.
PLEASE NOTE: 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.