Are you a small business owner? Here are three new measures for small businesses…

Check if you can claim these extra deductions on training, energy-efficient upgrades, and eligible assets.

1. External Training Deduction: Small businesses with an annual turnover under $50 million can claim an extra 20% tax deduction on costs for external training courses delivered in Australia (in-person or online from Australian providers). Check out the Small Business Skills and Training Boost for details.

2. Energy Efficiency Bonus: If your turnover is under $50 million, you can get a bonus 20% tax deduction on new or improved assets that enhance energy efficiency. For more info, visit the Small Business Energy Incentive

3. Instant Asset Write-Off: Businesses with a turnover under $10 million can immediately write off the full cost of eligible assets under $20,000, as long as they’re first used or installed between 1 July 2023 and 30 June 2024. Learn more about the Instant Asset Write-Off

All information sourced from ato.gov.au