Huge Deductions for Investments in Business Technology

May 11, 2022

Eloise Boissevain

May 11, 2022

The Federal Budget for 2022 has been delivered and with it some exciting announcements about deductions for investments in business technology.

Basically, if you haven’t already, now is the perfect time to invest in technology. Small businesses with annual turnover of less than $50 million will be able to access a new bonus (that’s right, additional!) 20 percent deduction for the cost of expenses and depreciating assets that support digital adoption.

What do these deductions for

business technology cover?

Eligible digital expenses include portable payment devices (such as Square hardware), ecommerce platforms, websites (that's where we come in!), cyber security systems, subscriptions to cloud-based services and other investments. An annual cap will apply in each qualifying income year so that expenditure up to $100,000 will be eligible for the boost.

It might be time to update your old, low-ranking website into a fast-performing tool that actually converts into sales and leads. 

If you're interested in learning more, you can book a free digital strategy call with us to chat about your business and some digital solutions that will help you.