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While the ‘Technology Investment Boost’ has concluded, offering a bonus deduction for eligible expenses until June 30, 2023, it’s essential to stay informed about two additional opportunities for small businesses. Both these ‘boosts’ provide bonus deductions for eligible expenses incurred until June 30, 2024.
1. The Skills and Training Boost:
Small and medium businesses can benefit from the Skills and Training Boost, offering a generous 20% bonus deduction for eligible expenses incurred on external training for employees. This boost aims to support businesses in training and upskilling their workforce. Eligible expenses for this boost cover the period from March 29, 2022, to June 30, 2024.
2. The Small Business Energy Incentive (Boost):
Designed to encourage small business electrification and enhance energy efficiency, the Small Business Energy Incentive (Boost) provides a 20% bonus deduction for eligible expenses incurred between July 1, 2023, and June 30, 2024 (subject to the passing of relevant legislation). This deduction applies to the cost of eligible depreciating assets and/or eligible improvements related to existing depreciating assets that support electrification or energy efficiency.
To qualify for either ‘boost,’ business taxpayers must meet specific conditions.
For further information on these boosts or assistance with FBT, GST, business, bookkeeping tax, and SMSF requirements, feel free to reach out to us. The Lynden Group is ready to assist you.
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