First announced in the March 2022 budget, the government plans to revive two initiatives that give small businesses 120 per cent tax deductions for spending on digital initiatives and spending on staff training.

The initiatives can be accessed by a small business with a turnover less than $50 million and will be backdated to 29 March, when the initiatives were originally intended to begin.

The Technology Investment Boost initiative is designed to cut the cost of going digital for business. It is aimed at getting businesses on the right track with selling online, social media and digital marketing, using online tools and software, and managing their online security risks.

The Skills and Training Boost initiative will support business to build a better trained and more productive workforce. It is hoped it will help address the skills shortages by upskilling existing staff or training new staff. Eligible training would be broad in scope - essentially any training that would be tax deductible to the business.

More detail will become available in due course, however, you can download the current available information below.

Download more information here