Support for small businesses going digital and upskilling their employees
The Government is delivering $1.6 billion in tax relief
As part of the plan for a strong economy and a stronger future, the Technology Investment Boost will increase digital uptake while the Skills and Training Boost will help small business attract, retain and upskill staff.
Building on previous small business investment incentives, including the ability to instantly write off assets, which is in place until 30 June 2023, the 2022-23 Budget includes a comprehensive package of measures to support small businesses to grow, innovate and create more jobs.
Technology Investment Boost
The Government’s Technology Investment Boost reduces the cost of going digital, supporting businesses to invest more in their digital capability.
More than 3.6 million small businesses with an annual turnover of less than $50 million will be able to claim a bonus 20 per cent deduction for the cost of expenses and depreciating assets, up to $100,000 of expenditure per year.
Eligible expenditure includes items such as portable payment devices, cyber security systems and subscriptions to cloud-based services.
The boost will apply to expenditure incurred from 7:30pm (AEDT) on 29 March 2022 (Budget night) until 30 June 2023.
Skills and Training Boost
The Government’s Skills and Training Boost encourages small businesses to train new staff and upskill existing staff, helping them to be innovative and grow. This measure will provide tax relief of $550 million.
Small businesses will be able to claim a bonus 20 per cent deduction for the cost of external training courses delivered to employees in Australia or online, by providers registered in Australia.
This boost will apply to eligible expenditure incurred from Budget night until 30 June 2024.
Cash flow support
The GDP uplift rate that applies to PAYG income tax and GST instalments will be reduced to 2 per cent for the 2022-23 income year.
This will mean lower tax instalments, delivering $1.85 billion in cash flow support for 2.3 million small to medium businesses, sole traders and others who use the instalment amount method.
Define your success
Our Business Coaching Program has been designed and developed to assist business owners with the support and guidance they need to achieve their own definition of success.
Tailored for each business, the program provides business owners with the support structure and key tools they need to achieve their goals, while holding them accountable for achieving these goals in the agreed timeframes.
Read more here or call Salisbury’s team of business advisors in Albury on 02 6041 3014.