Significant tax savings for businesses that invest in digital technology, cyber security and staff training.
Small businesses will be able to deduct a further 20% from the cost of cloud services and cyber security systems with more SMEs to adopt digital technologies.
Every hundred dollars these small businesses spend on digital technologies… will see them get a $120 tax deduction.
Businesses with an aggregated annual turnover of less than $50 million will be able to claim the discount on expenditures up to $100,000.
The same incentive applies to training, with businesses granted a $120 tax break for every $100 spent on training. The courses must be provided to employees in Australia or online and delivered by training entities registered in Australia. In-house or on-the-job training will also not be eligible.