Skills and Training Boost
Closing Date: 19 September 2022
The Government is consulting on exposure draft legislation to introduce a Skills and Training Boost to support small businesses to train and upskill their employees.
The Skills and Training Boost will provide small businesses (with aggregated annual turnover less than $50 million) with access to a bonus 20 per cent tax deduction for eligible expenditure incurred on external training delivered to their employees by providers registered in Australia.
The boost will apply to eligible expenditure incurred from 7:30 pm (AEDT) on 29 March 2022 until 30 June 2024.
The Government is seeking stakeholders’ views on the exposure draft legislation and accompanying explanatory materials implementing this measure.
Further information available here.
Technology Investment Boost
Closing Date: 19 September 2022
The Government is consulting on exposure draft legislation to introduce a Technology Investment Boost to help small businesses operate digitally.
The Technology Investment Boost will support digital adoption by small businesses (with aggregated annual turnover less than $50 million) by providing a bonus 20 per cent tax deduction for eligible expenditure incurred on expenses and depreciating assets that support digital operations.
The boost will apply from 7:30 pm (AEDT) on 29 March 2022 until 30 June 2023. An annual cap will apply so that expenditure up to $100,000 will be eligible for the boost, with the bonus deduction capped at $20,000 per year.
The Government is seeking stakeholders’ views on the exposure draft legislation and accompanying explanatory materials implementing this measure.
Further information available here.
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