Businesses in Australia encouraged to invest in new technologies

Small businesses in Australia that spend on new technologies and related training courses will be eligible for tax deductions, where they would be able to claim 120% of the costs incurred.  

The Technology Investment Boost, part of the government’s federal budget, will help companies embrace digital revolution, said Treasurer Josh Frydenberg.

Frydenberg added that he hoped the technology scheme would encourage small businesses “that are embracing the digital revolution” by rewarding those that invest in new technologies, he said in his budget speech, reports The Guardian. 

The government has estimated that the tax deductions will cost A$1.6 billion (US$1.2 billion) in tax revenue.

READ: Australia’s budget aims to lift wages to highest level since 2013

The government’s budget also includes other initiatives for small businesses, including A$4.6 million (US$3.4 million) over two years for free mental health support for entrepreneurs from Beyond Blue, an Australian mental health and wellbeing support organisation.

The Fair Work Commission will also be given $5.6 million (US$4.2 million) over four years to establish a dedicated unit for dealing with unfair dismissals and industrial protection disputes for small businesses.