Small Business Boosts Reminder
While the chapter on the ‘Technology Investment Boost’ has closed, marking the end of bonus deductions for eligible expenditure until June 30, 2023, there’s no need to fret. Two more ‘boosts’ are in play, offering additional opportunities for small businesses to benefit. Moreover, both boosts apply to eligible expenditures incurred until June 30, 2024.
- Skills and Training Boost:
Small and medium businesses can capitalise on the Skills and Training Boost, securing a bonus 20% deduction for eligible expenditure on external training for employees. This boost aims to empower businesses to train and upskill their workforce, fostering growth and adaptability. The window for eligible expenditure under this boost spans from March 29, 2022, to June 30, 2024.
- Small Business Energy Incentive (Boost):
Designed to support small business electrification and enhance energy efficiency, the Small Business Energy Incentive (Boost) is poised to make a significant impact. Although this boost applies to eligible expenditures incurred between July 1, 2023, and June 30, 2024 (pending relevant legislation), it promises a bonus 20% deduction for costs related to eligible depreciating assets and/or eligible improvements connected to existing depreciating assets. These must align with the goals of electrification or energy efficiency.
To tap into these enticing ‘boosts,’ business taxpayers must meet specific conditions. The key is to act swiftly and ensure compliance with the eligibility criteria.
Need more details on how your business can leverage these opportunities? Reach out to your Simmons Livingstone advisor today at 1800 618 800 or via email at admin@simmonslivingstone.com.au. Our experts are ready to provide personalised information and guidance.
