The Australian Small Business and Family Enterprise Ombudsman has welcomed the Federal Government’s commitment to deliver tax breaks that will help small businesses have greater support, incentives and skills to grow.
Bruce Billson said the measures first announced in the March budget will see small businesses with annual turnover of less than $50 million given a bonus 20 per cent deduction for expenses and depreciating assets associated with the uptake of digital technology and an extra 20 per cent deduction for the cost of external training courses delivered to their employees by providers registered in Australia.
“This will mean small businesses will get a $120 tax deduction for $100 spent on digital uptake and upskilling staff,” Mr Billson said.
“Locking in these measures will ensure small and family businesses are digitally enabled, resilient and have the support, incentives, skills and training needed to be truly competitive and to grow.
“Deeper digital engagement has been the saviour for many small and family businesses throughout the pandemic and assistance to build their digital capacity is an important investment in their future.”