Right now, the Federal Government is offering small businesses (with an annual turnover of less than $50 million) the tantalizing opportunity to deduct a ‘bonus’ 20% of the cost of your expenses and depreciating assets that support a digital update.
Treasurer Josh Frydenberg said these incentives are “aimed at helping small businesses become more productive and competitive and embrace the digital revolution?”
If you’ve been considering a purchase like the Microvellum software and then providing your staff with the training they need, this ‘boosted tax deduction’ will apply to up to $100,000 per year of your related expenses incurred up to 30 June 2023.
For more details contact your accountant or refer to this government source:
Or download this information for the ATO website:
Can Cabinetmaker Drafters Claim a Tax Deduction on Software Licenses for Microvellum?
Now this is an important question, but we have some good news for you – in most cases, software or website development for your business is, you guessed it – a business expense – and therefore, eligible for that all-important tax deduction (as long as you’re not taking Microvellum home on the weekends for some raucous fun with the family).
Obviously, we need to add here that you need to consult your accountant or tax advisor, which – hey – is a business expense too.
As well as deductions for software, you may find that you can write off the cost any new computers or associated equipment needed to facilitate the use of the new software.
Also, up to 30 June 2023, an additional 20% above the normal tax-deductible rate may be available to help equip your staff to take advantage of the increasing demand for cabinetmaker drafting skills.
Government Incentives for Training Courses in Cabinetmaking Drafting
The high volume demand for skilled cabinetmaking draftspeople presents a golden opportunity – so why not take advantage?
Upskill your staff, and get a piece of those additional 20% tax deductions on the cost of their training!
This is, honestly, a really good time for your Cabinetmaking staff to transition towards becoming qualified Cabinetmaking Drafters.
We here at Top Draft Group would love to talk with you, here and ready to help take your business to the next level.