2022 BUDGET: TAX & TECHNOLOGY

SMALL & MEDIUM BUSINESSES ENJOYS: 20% “bonus” tax deductions on

Tech upgrades & and digital skills training

Australian businesses upgrading their digital skills and equipment will receive $1.6 billion in tax relief under a plan put forth by the 2022 federal budget.

Small businesses with annual turnover of less than $50 million will be free:

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Timeline

March 29, 2022 and June 30, 2023

The package will help SMEs grow their capacities in cloud computing and other expenditures involved investing in technology.

Tax Breaks for

Digital training and upskilling for staff.

Like the Technology Investment Boost, the Skills and Training Boost equates to 20% of eligible expenses.

It means that a small business that spends $100 on training employees will get a $120 tax deduction