Australian lawmakers only have a handful of days to enact $1.55 billion in ‘bonus’ tax deductions before the new financial year begins, leading the tax office to provide new guidance to small businesses banking on those kickbacks for their 2022-2023 tax return.
Announced in March 2022, the Technology Boost and Skills and Training Boost policies promise small businesses an extra 20% tax deduction on eligible digital upgrades and upskilling courses for staff.
Those bonus deductions each cover up to $100,000 in spending, effectively granting SMEs up to $20,000 off their overall tax bill.
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Senior Business Journalist
Focused on the small business sector, David’s work covers the political, regulatory, and economic issues facing Australian entrepreneurs. Prior to joining SmartCompany, he was a reporter for Business Insider Australia. You can follow him on LinkedIn.
