Small businesses wanting to take advantage of tax breaks for new technology worth $1 billion to the Budget bottom line are being told to delay their tax returns, with the legislation for the deductions yet to pass Parliament just days out from the end of the financial year.
The Technology Investment Boost, along with the Skills and Training Boost, was first proposed by the former Morrison government in the March 2022 federal Budget and kept by the Albanese government to encourage technology adoption by small to medium-sized enterprises.
The incentive will allow 3.7 million small businesses with an annual turnover of less than $50 million to access a bonus 20 per cent tax deduction for investments in new technologies between 29 March 2022 and 30 June 2023.
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