Find out what's new before lodging your AMIT tax return 2023.
Small business skills and training boost
The Treasury Laws Amendment (2022 Measures No. 4) Act 2023 provided for a temporary skills and training boost for small businesses in the form of a bonus deduction. Small businesses (with an aggregated annual turnover of less than $50 million) are able to claim the bonus deduction as an additional 20% deduction, on top of their ordinary deduction, for expenditure incurred by them for the provision of eligible external training courses to employees by eligible registered training providers.
It applies to eligible expenditure incurred from 7:30 pm (AEDT) on 29 March 2022 until 30 June 2024. Special rules provide for the income year in which the bonus deduction can be claimed.
Small business technology investment boost
The Treasury Laws Amendment (2022 Measures No. 4) Act 2023 provided for a temporary technology investment boost for small businesses in form of a bonus deduction. Small businesses (with an aggregated annual turnover of less than $50 million) are able to claim the bonus deduction as an additional 20% deduction, on top of their ordinary deduction, for eligible expenditure incurred, and depreciating assets acquired, for the purposes of their digital operations or digitising their operations. The maximum additional deduction is $20,000 per income year.
It applies to eligible expenditure of up to $100,000 per income year incurred from 7:30 pm (AEDT) on 29 March 2022 until 30 June 2023 (with special rules for early balancers). Special rules also apply if claiming the bonus deduction for eligible expenditure on a depreciating asset.
Interest on early payments
Label 'Credit for interest on early payments - amount of interest' will be removed from the AMIT tax return from the 2022–23 financial year onwards. Interest on early payments (IEP) has now been automated for eligible early payments made from 1 July 2021. As a result, there is no longer a requirement for clients to complete the label to claim a refund of their IEP.
Continue to: Features of this tax return