The Australian government has reinvigorated the 120% skills
training and technology costs deduction for small and medium business.
An election ago, the 2022-23 Budget proposed a 120% tax
deduction for expenditure by small and medium businesses on technology, or skills and training for their staff. This proposal has now been
adopted by the current Government and details released in recent exposure draft by Treasury.
Timing
Two investment ‘boosts’ will be available to small and medium businesses with an aggregated annual turnover
of less than $50 million:
The Skills and Training Boost is intended to apply to expenditure from 7.30pm ACT time on Budget night, 29 March 2022 until 30
June 2024. The business, however, will not be able to start claiming the bonus deduction until the 2023 tax return. That is, for
expenditure incurred between 29 March 2022 and 30 June 2022, the additional 20% ‘boost’ deduction will not be claimable until the 2022-23
tax return (assuming the announced start dates are maintained if and when the legislation passes Parliament).
The Technology Investment Boost is intended to apply to expenditure from 7.30pm ACT time on Budget night, 29 March 2022 until 30
June 2023. As with the Skills and Training Boost, the additional 20% deduction for eligible expenditure incurred by 30 June 2022 will be
claimed in the 2023 tax return.
The boost for eligible expenditure incurred on or after 1 July 2022 will be included in the income year in which the expenditure is
incurred.
When it comes to expenditure on depreciating assets, the bonus deduction is equal to 20% of the cost of the
asset that is used for a taxable purpose. This means that, regardless of the method of deduction that the entity takes (i.e., whether
immediate or over time), the bonus deduction in respect of a depreciating asset is calculated based on the asset’s cost.
Accommodation payments (called Refundable Accommodation Deposits – RADs for short) are one of the most misunderstood areas of residential
aged care. Many people don’t realise that a RAD is not “lost” money but is refundable when you leave care or pass away.
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This year’s Federal Budget focussed on the rising costs of living and how to help Australians manage. Before the Budget there was speculation that we would see changes for aged care funding and fees, but what made it into the Budget?
RADs, DAPs, MPIRs, MTAs and ACATs !! These are just a few of the acronyms you will face when navigating aged care decisions. It might even feel like you’ve landed in a foreign country where you don’t understand the language or the rules.
Explore the world of self-managed superannuation funds (SMSFs) with expert Shannon Smit as she shares insights on wealth-building, retirement planning, and investment strategies using super as a vehicle.
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LIVE EVENT
3rd May 2024
Welcome to Mornington Peninsula's original pop-up pre-loved market with a difference. Fashion For A Cause is a not-for-profit
fundraiser event. Grab a fashion bargain or unique piece, wine with friends, bid on silent auction items, all to raise funds for Clothes
4U.Inc. All proceeds from the event including stall sales, ticket sales and clothing purchases on the night will be
double-dollar-matched and donated to Clothes 4U Inc.
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For many small business owners, their business is their largest asset and for many, one that is expected to help fund their retirement.
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The ATO has issued a warning to trustees of SMSFs about sloppy valuation practices.
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In this episode we explore the key areas in your business that you can influence to promote growth, adapt the seven ways to grow for your unique business, and understand how these strategies impact your profit and cash flow.
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For the first time in nearly two decades, retail assets have seen the largest portion of all commercial transactions.
Things to consider before investing in multigenerational living. What do rising geopolitical tensions mean for investment markets? This and more in Issue 16 of SMART Life.
As conflicts between nations flare into open armed warfare and elections around the world become more contentious, there’s plenty to spike investor concern. We look at how wars and political tensions influence investment markets over the long term and examine the im- plications for your retirement savings.
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In this episode of The Accountant That Builds, Shannon's expert advice will help you make informed financial decisions and stay connected to your goals, ensuring a financial future you are committed to work towards.
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