The Morrison Government is delivering $1.6 billion in tax relief to support small businesses to go digital and upskill their employees.
The Technology Investment Boost will increase digital uptake while the Skills and Training Boost will help small business attract, retain and upskill staff.
Federal Leichhardt MP Warren Entsch said 20,000 businesses in Cairns and Far North Queensland would directly benefit from the Technology Investment Boost.
He said the Technology Investment Boost will apply to expenditure incurred from March 29 at 7.30pm until June 30, 2023.
“The government’s Technology Investment Boost reduces the cost of going digital, by supporting businesses to invest more in their digital capability,” Mr Entsch said.
“Far North Queensland small businesses with an annual turnover of less than $50 million will be able to claim a bonus 20 per cent deduction for the cost of expenses and depreciating assets, up to $100,000 of expenditure per year.
“Eligible expenditure includes items such as buying computers, portable payment devices, accounting software, cyber security systems and subscriptions to cloud-based services.”
Mr Entsch said the Skills and Training Boost would encourage small businesses to train new staff and upskill existing staff, helping them to be innovative and grow.
He said the Skills and Training Boost will apply to expenditure incurred from March 29 at 7.30pm until June 30, 2023.
“This initiative will directly benefit 4600 business in my electorate,” he said.
“Small businesses will be able to claim a bonus 20 per cent deduction for the cost of external training courses delivered to employees in Australia or online, by providers registered in Australia.
“This boost will support small businesses to invest in the training and upskilling of their employees while also reducing their tax bill.”
Mr Entsch said these initiatives would build on previous small business investment incentives, including the ability to instantly write‑off assets, which is in place until June 30, 2023.
He said these initiatives forms part of the government’s comprehensive plan for a strong local economy and a stronger future.