The Albanese government is being urged to reintroduce a Coalition-era tax break to help small businesses invest in technologies like artificial intelligence as economic challenges persist.
In a pre-Budget submission, the Council of Small Business Organisations Australia said reviving the former Technology Investment Boost program would provide a much-needed lift to the 2.5 million small businesses across the country.
The incentive, introduced by the former Coalition government at a cost of $1 billion in 2022 and retained by Labor, gave small businesses access to a bonus 20 per cent tax deduction for investments in new technologies between April 2022 and July 2023.
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