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Draft legislation has been released to introduce two tax incentives that support small businesses to train and upskill employees and improve their digital and tech capacity. The legislation which has been released for public consultation will introduce the productivity measures that were outlined in the Budget earlier this year.

-Skills and Training Boost

Small businesses with an annual turnover of less than $50 million will have access to a bonus 20% deduction for eligible expenditure on external training of employees by providers registered in Australia until 30 June 2024.

-Technology Investment Boost

Small businesses will also have access to a bonus 20% deduction that will support the uptake of digital technologies until 30 June 2023.

Interested stakeholders are encouraged to provide a submission by 19 September 2022. Submissions can be emailed to SkillsBoost@treasury.gov.au and TechBoost@treasury.gov.au

The exposure draft legislation and explanatory materials are available on the Treasury website.

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