The Albanese government intends to pass 2 pieces of legislation proposed under the Morrison government to further help small business development. The two incentive programs are the Technology Investment Boost and the Skills and Training Boost. Both will function in the same general way. If you have expenses that land in either category, they will be eligible for a bonus 20% tax deduction. As an example, if a business purchased a $1,000 laptop to support its digital adoption, it would get a $1,200 deduction. In terms of tax, instead of getting $250 back, the business would receive $300. The basic requirements for these programs will be that
1) The business has less than $50,000,000 in turnover
2) The cash is spent between 29 March 2022 and 30 June 2023
3) The Technology Investment Boost will have a cap of $100,000 per year
4) The Skills and Training Boost will require that the training be performed by a Registered Training Organisation teaching within their scope of registration
The rules may change slightly by the time these become law, but it is another program small businesses should be aware of.