Tax deductions for small businesses to digitise their operations

Small Business Technology Investment Boost This initiative allows small businesses to claim a 20% bonus deduction on technology expenditure to help digitise their business. Open Application detail: Apply at any time. What do you get? Tax deductions. Who is this for? Small businesses. Overview Small businesses with an aggregated annual turnover of less than $50 million will be allowed an additional 20% tax deduction to support their digital operations and digitise their operations. The boost applies to eligible expenditure incurred between 7:30 pm AEDT on 29 March 2022 and 30 June 2023. The boost is for business expenses and depreciating assets and is capped at $100,000 of expenditure per income year. You can receive a maximum bonus deduction of $20,000 per income year. Eligible expenditure includes, but is not limited to: digital enabling items – computer and telecommunications hardware and equipment, software, internet costs, systems and services that form and facilitate the use of computer networks digital media and marketing – audio and visual content that can be created, accessed, stored or viewed on digital devices, including web page design e-commerce – goods or services supporting digitally ordered or platform-enabled online transactions, portable payment devices, digital inventory management, subscriptions to cloud-based services, and advice on digital operations or digitising operations, such as advice about digital tools to support business continuity and growth cyber security – cyber security systems, backup management and monitoring services. Check if you can apply To access the small business technology investment boost, your business needs to be a small business entity. Your aggregated annual turnover must be less than $50 million for the income year in which you incur the expenditure. The expenditure must: already be deductible for your business under taxation law be incurred between 7:30 pm AEDT 29 March 2022 and 30 June 2023. If the expenditure is on a depreciating asset, the asset must be first used or installed ready for use for a taxable purpose by 30 June 2023. Apply now Apply for the Small Business Technology Investment Boost Find out more about your eligibility and how to apply. Contact information Phone: 13 72 26