The Small Business Technology Investment Boost also called the Small Business Technology Investment Boost and Small Business Skills and Training Boost is designed to help small businesses invest in their technology. Sounds good right? Especially for some of our technology clients.
Upgrade your technology with the Small Business Technology Investment Boost
Here’s the story
If you have an annual turnover under $50 mill’, the tax department indicates you’ll be able to deduct 20% of costs associated with digital adoption, such as cyber security systems or cloud-based services. The technology investment boost covers tech-related expenses incurred between March 29 this year, and June 30, 2023. Businesses can claim the deduction in their 2022-23 tax return but take note since the election, the ATO website indicates these measures are not yet law. Check with your accountant for tax advice.
What sort of technology services are expected to be eligible?
There are countless expenses that may fall under a category like digitisation and adoption technology’, but here are some that have been called out in particular:
- Cyber security systems
- Cloud-based subscription services such as an online sales platform
- Website design and development
- Portable payment devices
Ok, so how much will I be able to claim?
Up to $100,000 per year or a tax deduction of $1.20 for every $1 spent to upgrade your technology set-up. Your investment could include upgrading your internal IT systems, beefing up your cyber security or possibly even VOIP phone systems.
Transition your IT systems with a highly rated IT company
We’re a Maitland-based IT company helping small businesses transition to and then maintain forward-thinking technology solutions. New isn’t always easy, but we’ll be on your team helping you get the absolute most out of upgrade opportunities like the Small Business Technology Investment Boost. The introduction of the Technology Investment Boost makes 2022-3 the perfect time to upgrade your IT setup, and take advantage of some local expert IT advice.
Contact us for advice on how your business could benefit from upgrading your IT systems.