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Subject to legislation and announced as part of the 2023 Budget measures, from 1 July 2023 a “bonus tax deduction” will be available of up to $20,000 on maximum expenditure of $100,000 on the cost of electrification and the more efficient use of energy.
The bonus will be available to businesses annual turnover of less than $50 million.
Total expenditure up to $100,000 will be eligible for this incentive, with the maximum additional tax deduction being $20,000 per business.
Eligible assets or upgrades must be first used or installed ready for use between 1 July 2023 and 30 June 2024.
Skills, Training And Technology 20% Deduction Boost For Small Businesses
A skills and training tax “boost” in the form of an additional 20% tax deduction on the costs of eligible employee training, will be available for small businesses (aggregated annual turnover of less than $50 million), on expenditure from 29 March 2022 until 30 June 2024.
A separate 20% deduction boost on expenditure for the uptake of digital technologies (capped at $100,000) will be available until 30 June 2023.
Skills and Training Boost
Small businesses with aggregated annual turnover of less than $50 million to get a bonus tax deduction equal to 20% of eligible expenditure for external training provided to their employees.
This is a temporary measure to incentivise small businesses to train and upskill their employees, helping to build a more productive workforce.
The amendments apply to eligible expenditure incurred, enrolments or arrangements for the provision of training made or entered into from 7:30pm (by legal time in the Australian Capital Territory) on 29 March 2022 until 30 June 2024.
Small businesses with aggregated annual turnover of less than $50 million can claim a bonus tax deduction equal to 20% of their eligible expenditure on expenses and depreciating assets for the purposes of their digital operations or digitising their operations.
The bonus deduction applies to total eligible expenditure of up to $100,000 per income year or specified time period, up to a maximum bonus deduction of $20,000 per income year or specified time period.
The amendments apply to eligible expenditure incurred from 7:30pm (by legal time in the Australian Capital Territory) on 29 March 2022 until 30 June 2023.
The 20% boost for 2021-22 costs will be claimable in the 2022-23 tax return.
ATO’s “Concessions at a glance” – table of business tax concessions with eligibility primarily based on aggregated turnover, compiled by the Tax Office.
They include the Instant Asset (full expensing) Deduction Rules and eligibility applying until 30 June 2024.
The temporary full expensing incentives expired on 30 June 2023, which otherwise would have then reset the instant asset write-off threshold back to $1,000.
From 1 July 2023 a $20,000 (per asset) capital expense asset deduction for businesses with turnover under $10 million to applies for 2023-24.
A bill for the 2023-24 measures was passed 25 June 2024.
As announced in the 2024 Federal Budget, legislation has extended the measure for the 2024-25 year.
Under both measures as announced, small businesses with an aggregated annual turnover of less than $10 million would be able to immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use in the periods 1 July 2023 to 30 June 2025.
Labor has announced that it will extend the measure until 30 June 2026.
Small business pooling rules can be reapplied for assets in excess of $20,000 (i.e. allowing depreciation of 15% first year and 30% thereafter).
A State-by-State round-up from LegalVision of the stamp duty payable on the sale of a business. Caution: this kind of info goes out of date quickly. Recommended to follow up State and Territory sources for the latest info.
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