Did you venture into new tech or skills investments this year?

Have you made any investments in new technology during this financial year? The Small Business Technology Investment Boost offers an additional 20% deduction that you may be eligible to claim during tax season, provided that your eligible technology is installed by June 30, 2023.

This boost is applicable to qualifying expenses and depreciating assets, with a maximum deduction of $20,000 per income year, up to a limit of $100,000.

Eligibility for this boost is determined by the following criteria:

  1. The expenses must be incurred between 7:30 pm AEDT on 29 March 2022, and 30 June 2023.
  2. The expenses must be associated with a depreciating asset that is first used or installed and ready for use by 30 June 2023.

Furthermore, the Small Business Skills and Training Boost provides eligible small businesses with an additional 20% tax deduction for training both new and existing employees. This boost aims to assist in developing a better-trained and more productive workforce.

To qualify for this boost, the following conditions must be met:

  1. The expenditure must be incurred between 7:30 pm AEDT on 29 March 2022, and 30 June 2024.
  2. The expenditure must be related to training, with enrolment or arrangement for the provision of training occurring at or after 7:30 pm on 29 March 2022.

Both boosts are accessible to small businesses with an aggregated annual turnover below $50 million.

Should you have any queries regarding the above information, please don’t hesitate to contact the team at Cotchy via: support@cotchy.com.au.

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