Small businesses that spend on new technologies and training courses to upskill staff will be able to claim 120% of the costs as deductions, as part of budget measures that will cost the government $1.6bn in tax revenue.
For the estimated 3.6m businesses with an annual turnover of less than $50m, eligible costs incurred from Tuesday evening can be deducted from their taxable revenue at an amount greater than what was actually spent.
