September 2023 Newsletter
Please click on the following link to view this month's newsletter for September 2023. We would like to highlight the following articles:-
Small business technology investment boost
Small businesses with an aggregated annual turnover of less than $50 million will be allowed an additional 20% tax deduction to support their digital operations and digitise their operations. The boost applies to eligible expenditure incurred between 7:30 pm AEDT on 29 March 2022 and 30 June 2023.
An annual cap applies so that expenditure up to $100,000 is eligible for the bonus deduction, with the bonus deduction capped at $20,000 per year. The maximum bonus deduction a business can claim is $40,000 for the entire period.
Eligible expenditure may include, but is not limited to, business expenditure on:
digital enabling items – computer and telecommunications hardware and equipment, software, internet costs, systems and services that form and facilitate the use of computer networks
digital media and marketing – audio and visual content that can be created, accessed, stored or viewed on digital devices, including web page design
e-commerce – goods or services supporting digitally ordered or platform-enabled online transactions, portable payment devices, digital inventory management, subscriptions to cloud-based services and advice on digital operations or digitising operations, such as advice about digital tools to support business continuity and growth
cyber security – cyber security systems, backup management and monitoring services.
Small business skills and training boost
Small businesses with an aggregated annual turnover of less than $50 million will be allowed an additional 20% tax deduction for external training courses delivered to employees by registered training providers. The expenditure must be:
for the provision of training to employees of your business, either in-person in Australia, or online
charged, directly or indirectly, by a registered external training provider that is not you or an associate of yours
already deductible for your business under taxation law
incurred within a specified period (between 7:30 pm AEDT or by legal time in the ACT on 29 March 2022 and 30 June 2024).
The training provider must meet certain registration criteria for the bonus deduction. You can check for registered providers at:
Please do not hesitate to contact us if you have any queries in relation to your tax and accounting matters.