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Small business update | 12 May 2023
12 May 2023
Technology Investment Boost
Senator David Pocock introduced an amendment into the Senate this week to extend the tax bonus measure in the technology investment boost with a modified scope, see here. The boost is part of the Treasury Laws Amendment Bill 4 which has been languishing in the Senate since late last year and the measure will expire on June 30. The Technology Investment Boost will allow small businesses to deduct an additional 20 per cent of the cost incurred on business expenses and depreciating assets that support their digital adoption. ACCI has been actively talking with the government, opposition and Senator David Pocock’s office about the need for the bill to pass given the expiry of the Technology Boost and the possibility of an amendment to extend it. The bill has been delayed by controversy around an $11.5 billion clean energy component. The bill will not be before the Senate until mid-June at the earliest. ACCI issued a media release welcoming Senator Pocock’s amendment here.
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