Technology Investment Boost and Skills and Training Boost

Small businesses with an aggregate annual turnover of less than $50 million may be eligible for both the Technology Investment Boost and Skills and Training Boost.

  • Technology Investment Boost – you may be eligible for an extra 20% deduction on business expenses that directly relate to your business’s digital adoption. This includes digital media, cyber security and portal payment devices.

  • Skills and Training Boost - you may be eligible for an extra 20% deduction on business expenses that directly relate to training courses for employees. This bonus does not apply to the training of non-employee business stakeholders.

Eligible expenditure for the Technology Investment Boost must be incurred during the period 30 March 2022 to 30 June 2023 and has a cap of $100,000 on expenditure per annum.

Eligible expenditure for the Skills and Training Boost must be incurred during the period 30 March 2022 to 30 June 2024 and does not have a current cap.

For more information visit the ATO.

Paul AbercrombieAbercrombie Accounting Group