*News Flash* Federal Government Gives Green Light to 120% Tax Deductions for Skills and Digital Expenditures

On Monday, the federal treasurer, Jim Chalmers, announced that the 120% tax deduction on digital uptake and skills training has been revived.

Previously announced in the March budget by the then government, these initiatives were abandoned when the election was called. However, they have now been revived, and are to be backdated to 29 March 2022, the original date that they were planned to commence.

These measures are available to small businesses with annual turnover of less than $50 million, and are aimed at encouraging them to provide more training to employees, and adopt digital technology into their work practices.

We will wait to see the final details of how these deductions can be claimed, and will keep you updated once these details are available. In the meantime, please do not hesitate to contact our friendly team at H & M Accountants with any questions.