How to ride out the wait for small business tax breaks
You might recall that the last Australian government announced tax breaks for small businesses to incentivise their growth efforts worth more than $1.5 billion in the form of the Technology Investment Boost and the Skills and Training Boost.
Small businesses with an annual turnover of less than $50 million would have access to a bonus 20 per cent deduction for eligible expenditure on external training of employees by providers registered in Australia – until 30 June 2024.
Small businesses would also have access to a bonus 20 per cent tax deduction that will support the uptake of digital technologies – until 30 June 2023.
Are these tax incentives still happening?
The draft legislation is inviting public consultation and expected to be introduced into the Parliament this year – which means it’s not locked in yet.
This will be good news for small to medium sized businesses as digital tools can often help businesses increase their returns on the initial investment outlay.
When can small businesses see these tax breaks?
This will depend on how consultation goes and exactly when it will get introduced to Parliament. But if it does get up, the boost will apply to eligible expenditure incurred from 7:30 pm (AEDT) on 29 March 2022 until 30 June 2024.
How can SMEs fund their growth while waiting for the promised tax breaks?
You don’t need to wait for tax incentives to fund your digital growth. That’s where OnDeck comes in – we offer short term loans specifically designed for small businesses who want to make their digital presence known. The best part is, you’re not limited to what’s covered in the government tax incentives.
Fund your digital growth
There are a few ways you can use a short-term business loan from OnDeck to get your small business online:
- Purchase new technology to improve your digital efficiency or increase your online security.
- Hire a web developer or designer to update your website.
- Pay for digital initiatives that will help drive traffic to your website or online store.
Train your employees
If you’re looking to train your staff on how to use new equipment or software, small business funding from OnDeck can help cover the costs. You can use the funds to pay for things like:
- Training manuals or online courses.
- Certification fees.
- Salary for extra staff hours during training period.
Ready to get started?
Applying for a loan with OnDeck is easy and takes just minutes. We’ll review your application and make a decision in as little as 24 hours – so you can get the funding you need to take your small business digital!
FAQs
What’s a short-term business loan?
A short-term business loan is a type of financing that allows you to borrow money for a shorter period of time than traditional loans, typically between 6 to 24 months. Short-term loans are a great option for small businesses who need quick access to capital for things like inventory, equipment, or marketing initiatives.
What are the benefits of a short-term business loan from OnDeck?
- Quick and easy online application process
- Fast decision in as little as 24 hours
- Loans from $10k – $250k, over 6-24 month terms.
- No hidden fees or prepayment penalty
Am I eligible for a short-term business loan?
At OnDeck, we have simple eligibility criteria:
- Minimum $100,000 gross annual turnover
- Minimum 1 year in business
- No bankruptcy (prior or recent)
- Minimum 400 business credit score required
How do I check my credit score?
With OnDeck, you can check your business credit score without leaving a footprint. This means you can establish the health of your business without the risk of lowering your business credit score. It’s instantaneous, it’s safe and it’s free!
Check your credit score with OnDeck in minutes.
Prepared by OnDeck Capital Australia Pty Ltd ABN 28 603 753 215 (“OnDeck”) for general information purposes only. Content may belong to or have originated from third parties and OnDeck takes no responsibility for the accuracy, validity, reliability or completeness of any information. Information current as at October 2022. You should not rely upon the material or information as a basis for making any business, financial or any other decisions. Loans issued in Australia are subject to the terms of a loan agreement issued by OnDeck. Loans are subject to lender approval. OnDeck® is a Registered Trademark. All rights reserved.
