Small businesses with an annual turnover of less than $50 million will be able to claim a ‘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.

Under the technology investment boost, small businesses will be able to deduct an additional 20% of the cost incurred on business expenses and depreciating assets that support the adoption of digital technologies such as portable payment devices, cyber security systems and subscriptions to cloud based services.  An annual cap of $100,000 will apply to each qualifying income year.

While these incentives are not yet law and are subject to decisions from the new Government, it is expected that the legislation will be passed.  For more information please access the following link: Small Business Boost