Signing off on an election promise, the government has announced the small business technology investment boost. The initiative is a bonus 20% deduction you may be able to claim for business expenditure on technology or digitising operations.
Here is the top line of what you need to know:
When?
The additional tax deduction can be applied to expenditure incurred between 29 March 2022 and 30 June 2023.
What?
Eligible expenditure might include:
- 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 – website design and maintenance
- cyber security – cyber security systems, backup management and monitoring services.
- Digital services – internet costs, digital software.
How?
We are on it! As part of preparing your 2023 tax return our team will review your tax information for the relevant period to determine your eligibility for the technology boost additional tax deduction. There is nothing for you to do. We will be in contact if we need additional information.
For those who love to delve into the detail, head here to the ATO website to learn more.
