Don’t forget the two further ‘boosts’!
Although the ‘Technology Investment Boost’ has come to an end (it provided a bonus deduction for eligible expenditure incurred until 30 June 2023), it is important to remember that there are two further ‘boosts’ providing bonus deductions for small businesses, and both apply to eligible expenditure incurred up until 30 June 2024.
The Skills and Training Boost provides small or medium businesses with a bonus 20% deduction for eligible expenditure incurred on external training for employees, to support such businesses to train and upskill their employees.
This boost applies to eligible expenditure incurred from 29 March 2022 until 30 June 2024.
The Small Business Energy Incentive (Boost) is designed to support small business electrification and more efficient energy use, and will apply to eligible expenditure incurred between 1 July 2023 and 30 June 2024 (once the relevant legislation is passed).
This boost provides small or medium businesses with a bonus 20% deduction for the cost of:
- eligible depreciating assets; and/or
- eligible improvements incurred in relation
to existing depreciating assets,
that support electrification or energy efficiency.
To be eligible for either of the above ‘boosts’, a business taxpayer must satisfy a number of conditions.
Editor: Please contact our office if you need any further information regarding the above ‘boosts’.
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If you have any questions or would like to speak to one of our professional business and tax advisors, please contact our office on (08) 9392 7600 to make a booking or click here.
With three offices across Western Australia and over 20 years of experience, Muntz Partners is a dynamic team of highly trained and skilled individuals committed to providing innovative and effective advice, excellent service and maintaining only the highest standards in ethical professional practice.
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