In the dynamic landscape of small businesses, staying ahead of the curve by embracing cutting-edge technology is paramount to ensuring your long-term success. We are thrilled to unveil two remarkable programs aimed at boosting the growth and efficiency of your enterprise: the Small Business Technology Investment Boost and the Small Business Skills and Training Boost.
Small Business Technology Investment Boost:
Our Small Business Technology Investment Boost program is designed to empower eligible businesses with a 20% bonus deduction on expenses related to digital operations and depreciating assets. This exclusive opportunity is available from March 29, 2022, through June 30, 2023. To qualify, your expenses must meet the criteria for another tax deduction, and for depreciating assets, they must be actively in use by June 30, 2023. Over the tax year 2022-23, you can claim the lower of 20% of eligible expenses or up to $20,000.
Small Business Skills and Training Boost:
Invest in the growth of your workforce, and by extension, your business’s prosperity! With our Small Business Skills and Training Boost, you can benefit from a 20% bonus deduction on eligible external training expenses. This program runs from March 29, 2022, to June 30, 2024.
To be eligible for the Small Business Technology Investment Boost, your expenses must meet specific criteria and be incurred during the stipulated timeframe. For the Small Business Skills and Training Boost, your business should maintain an annual turnover of less than $10 million (or $50 million, if applicable).
Seize these unparalleled opportunities to enhance digital operations and empower employees with new skills. These programs extend invaluable deductions, lightening the financial load of technology investments and training. Propel your small business to unprecedented heights – delve into and leverage these initiatives today!
