The last Federal Budget produced a lot of conversation in the small to medium businesses sector with some welcome announcements for tax incentives for skills and training, as well as technology investments.
Businesses with an annual turnover of less than $50 million are eligible for two key tax boosts in the form of an additional 20% deductions for costs incurred on and purchases of depreciable assets that support digital adoption and training until June 2023!
The aim is to support business cash flow, fund skills training and increase Australia’s cyber capabilities – which is great news, especially as all extra tax deductions are immediately accessible to invest in digital assets and services; like transitioning to the cloud and improving cyber security awareness, for software and even web design with eligible costs incurred deducted from your taxable revenue at an amount greater than what was actually spent.
Another bonus sees small businesses able to deduct 120% of the cost of employee training courses, this offers the opportunity for companies to train their teams with cyber security awareness training and upskilling in Microsoft applications, both of which EOS IT can tailor a training and education program to suit your business and your staff.
Now is the time to move towards digital adoption and training for your company and make the most of the tax boost opportunities.