Monthly tax tip:
The skills and technology boost was announced in the federal budget earlier this year but is definitely not a tax incentive to forget about. The boost allows small business entities to claim an extra 20% tax deduction on skills and training expenditure for employees and technology expenditure. E.g. a business pays $1,000 for an employee to complete a course for skills used in their job so they are able to claim a total tax deduction of $1,200 under this incentive.
This incentive became active from 29 March 2022 (budget release date), however cannot be claimed until the 2023 tax return is prepared. This means that business owners (with the help of their accountants) will need to keep track of these expenses to ensure that they are not forgotten about. As usual, there are many rules, exclusions and caps that will be applied to these incentives so please contact our office before getting too excited about it so we can let you know exactly how this will affect your tax claims.
If you would like to schedule a consultation with us then please jump onto our website where you can see our availabilities and book a time that suits you.