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Ahead of the annual Jobs and Skills Summit the Federal Government has made a number of announcements benefiting small businesses. Keep reading to find out about how these can benefit your business below.
Small business tax incentives for technology and skills
The Federal Government has confirmed tax breaks that will help small businesses have greater support, incentives and skills to grow.
Under the Technology Investment Boost and the Skills and Training Boost businesses with an annual turnover of less than $50 million will have access to a bonus 20 per cent deduction for expenditure on external training of employees by providers registered in Australia as well as business expenses and depreciating assets that support their digital operations, from 28 March 2022 until 30 June 2024.
This will mean eligible businesses will get a $120 tax deduction for $100 spent on digital uptake and upskilling staff.
Eligible digital expenses include portable payment devices (such as Square hardware), e-commerce platforms (like Square POS, Square Online and Square Payments), cyber security systems, subscriptions to cloud-based services and other investments.
Digital solutions – small business advisory services program
The Federal Government also announced a further $18.6 million to boost the digital competency of small businesses across Australia, extending a program providing SMEs advice on e-commerce, social media strategy, and cybersecurity.
The program will offer grants to service providers across the country, with the goal of providing affordable, accessible advice to small businesses looking to upgrade their digital presence.
Applications open September 19. Successful grant recipients will offer their advisory services over three years, starting in April 2023. More details on the program can be accessed here.