2022-23 Federal Budget Insights 💰

Want to know what last night’s 2022-23 federal budget announcement means for you and your business?:moneybag:

Here are some key takeaways for Australian business owners:

:calling: The Technology Investment Boost, driving digital business adoption

Eligible business owners can claim 120% of the cost of portable payment devices, cyber security systems, and subscriptions to cloud-based services.

This will apply to eligible expenditure of up to $100K per year, incurred from Budget night (29 March 2022) until 30 June 2023.

:muscle: The Skills and Training Boost, upskilling the workforce

Eligible businesses will have access to a new bonus 20 per cent deduction for the cost of external training courses delivered to their employees by providers registered in Australia.

The boost will apply to eligible expenditure incurred from Budget night until 30 June 2024.

:open_hands: Beyond Blue’s NewAccess for Small Business Owners Program

$4.6 million to extend the program, which provides free, confidential, one-on-one mental health support via phone or video to small business owners, including sole traders.

Program coaches are former small business owners themselves, so they understand the unique challenges that small businesses face – including family and financial pressures.

You can access Beyond Blue here :point_right: NewAccess for Small Business Owners

:person_tipping_hand: Financial advice, to help improve financial resilience

$2.1 million for Financial Counselling Australia’s Small Business Debt Helpline to support small business owners to navigate issues including avoiding bankruptcy, negotiating payment plans, debt waivers, grant applications and insolvency.

You can access the debt hotline here :point_right: Small Business Debt Helpline – CALL 1800 413 828

Read more on the Budget and what it means for your business here :point_right: ​https://business.gov.au/news/how-does-the-budget-affect-your-business

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