20% Skills & Training Boost and Technology Investment Boost

The government is currently in consultation on two proposals, with legislation drafted to introduce an additional tax deduction for small businesses to train and upskill their employees or invest in technology.

Skills & Training Boost

The proposal will provide small businesses (aggregated turnover <$50 million) with an extra 20% tax deduction on eligible training expenditure delivered to employees by registered training providers.

The boost will apply for eligible expenditure from 29 March 2022 – 30 June 2024.

For more information, see Skills and Training Boost | Treasury.gov.au

Technology Investment Boost

The proposal will provide small businesses (aggregated turnover <$50 million) with an extra 20% tax deduction on eligible technology investments.

The boost will apply from 29 March 2022 – 30 June 2023 and is capped at $20,000 in additional deductions (or $100,000 in expenditure).

For more information, see Technology Investment Boost | Treasury.gov.au

In the meantime, it is important to start tracking any expenditure incurred that may fall either of the above categories. We suggest creating an account under expenses in your accounting software to code either of these expenses.

– Jamie Newling

Posted 15.09.2022

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