What is the small business technology investment boost for? How can it be used?
Eligible expenditure may include, but is not limited to, business expenditure on:
- 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, back-up management and monitoring services.
An annual cap applies so that expenditure up to $100,000 is eligible for the bonus deduction, with the bonus deduction capped at $20,000 per year.
The maximum bonus deduction a business can claim is $40,000 for the entire period.
You can claim eligible expenditure in your 2022-23 tax return.
Katrina Brennan, Principal, SRJ Walker Wayland Business Growth Advisors, Accountants and Auditors, Level 2/2 Innovation Parkway, Birtinya, 5301 9957, srjww.com.au
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