We want to make sure our clients are making the most of the Federal Government’s small business boosts with 120% deductions available on eligible digital upgrades and employee training.
SMALL BUSINESS TECHNOLOGY INVESTMENT BOOST – 120% DEDUCTION
Eligible expenditure includes but is not limited to:
• Portable payment services –Square, EFTPOS etc
• Cloud based subscriptions – Xero, MYOB, etc
• Digital marketing – social media advertisement, website creation, etc
• Computer & telephone equipment
• Computer software of any type
• Cyber security systems
Am I eligible?
Small business with an aggregated annual turnover of less than $50 million are eligible.
When does it apply?
The boost will apply to eligible expenditure incurred between 29 March 2022 until 30 June 2024.
An annual cap of $100,000 will apply in each qualifying financial year. The additional 20% deduction for eligible expenditure incurred before 30 June 2022 can be claimed in the 2023 financial year.