Australian Small Businesses are set to take on the digital world in 2022-23 with the Federal Budget’s new tax deductions.
The two policies offer small businesses with an aggregated annual turnover less than $50 million an extra 20% tax deduction on tech upgrades and digital skills training.
Designed to encourage small business investment and help with competing in the growing digital economy.
For every hundred dollars invested in new technology will recieve a $120 tax deduction.
This could possibly include…
Deductions are capped at $100,000 annually and will be in effect from March 29, 2022 until June 30, 2023*
For every hundred dollars spent on external digital skills training for staff, small businesses will recieve a $120 tax deduction.
Budget documents state that “external training courese will need to be provided to employees in Australia or online, and delivered by entities registered in Australia.”
In-house training is excluded, and there is also suggestion that sole traders wishing to upgrade their own digital skills via external training also won’t be eligible for the extra 20% deduction.
No spending cap has been listed so far, and the deduction will be in effect from March 29, 2022 until June 30, 2024*
To claim the bonus on purchases made between Budget night and the end of the 2021-2022 financial year, small businesses need to submit a normal expenditure claim first. The bonus 20% will only be applied in the 2022-2023 financial year.
Eligible expenditure made in the 2022-2023 financial year will be treated differently.
Small businesses will be free to “deduct the entire 120% in your 2022–23 tax return,” the ATO said.
The 120% deduction will be available under the skills package in the 2023-2024 financial year, too.
Read the official Media Release
* As at 4th April 2022, these policies have not yet passed formal legislation.
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Stellar Digital is a modern digital agency using the internet to service clients near and far. We like face-to-face catch-ups and also use online tools to service clients across Adelaide, Barossa Valley and Gawler plus country clients in Clare, Yorke Peninsula, Mount Compass, Willunga, Port Augusta, Roxby Downs and Flinders Ranges.
We recently launched the brand new website for Barossa District Football & Netball Club
▪️ Separate Football & Netball areas with Photo Galleries, Contacts, Registration & Fixture links
▪️ Club News with additional Facebook Event Feed
▪️ Database-driven Contacts Module
▪️ Customised Sponsors Function
▪️ Club Facebook Feed Integration
▪️ Fully Optimised for viewing on any device
Another Stellar creation! Check it out at www.BarossaDistrictSportingClub.com.au ... See MoreSee Less
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Great work!
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It is STELLAR DIGITAL?? Your Vote will tell...😉Vote for your favourite Gawler business ✅
The Gawler Business Development Group is looking to crown the best business in town and is asking you, the community, to participate in a poll to decide the winner.
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