Tax Relief

Australia Prime Minister Proclaims Tax Reduction Measures for Small Companies

Daily Tax Report: International

April 1, 2022, 5:00 AM

The Australian Prime Minister’s Office March 29 announced tax relief measures for small businesses. The agency announced: 1) a 20 percent additional deduction of up to A$100,000 (US$75,141) per year for expenses and depreciating assets, for businesses with annual revenue of less than A$50 million (US$37.6 million), through June 30, 2023 ; and 2) a 20 percent additional deduction for the cost of external training courses delivered to employees in Australia or online by Australian providers, through June 30, 2024. The measures generally take effect the same date. [Australia, Office of the Prime Minister, 03/29/22]

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