120% deductions for spending on skills, digital!

***Breaking news ****

The small business incentive measures, worth $1.5bn, and will be backdated to March.

The move to revive the 120 percent tax deductions for skills and digital spending comes after months of doubt about the plight of the schemes, which were warmly welcomed by small business and the tax profession at the time.

Small businesses with an annual turnover of less than $50 million will have access to a bonus 20 percent deduction for eligible expenditure on external training of employees by providers registered in Australia until 30 June 2024.

Small businesses will also have access to a bonus 20 percent deduction that will support the uptake of digital technologies until 30 June 2023.

The Technology Investment Boost and the Skills and Training Boost will be backdated to 29 March 2022 so small businesses can receive the full benefits.

Contact our office for more information on how this incentive can help your business grow!