The Federal government have introduced some incentives in the Federal Budget 2022-23 which will support businesses to invest in digital technology, cyber security, and upskilling employees. See the key information below!
Technology Investment Boost: Small businesses with an annual turnover of less than $50 million will be able to deduct a bonus 20% of the cost of expenses on digital technologies. This includes cyber security systems or subscriptions to cloud-based services. The boost will apply to eligible expenditure from 7:30pm ADET 29 March 2022 until 30 June 2023.
Skills and Training Boost: Small businesses with an annual turnover of less than $50 million are granted a $120 tax break for every $100 spent on training to employees taught in Australia. This applies to eligible expenditure from 7:30pm ADET 29 March 2022 until 30 June 2024.
For more information on the Federal Budget, click here.