"For every hundred dollars these small businesses spend on digital technologies like cloud computing, e-invoicing, cybersecurity and web design will see them get a $120 tax deduction,” Frydenberg said.
The Skills and Training Boost will also cover spending incurred by eligible businesses from Tuesday and will last until 30 June 2024. There is no limit on how much spending on training courses can be deducted by a small business at the bonus rate of 120%, but certain rules apply, such as that the course must be run by an external education provider, which needs to be registered in Australia.
Read the full media release HERE
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