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B2B column: Small business technology investment boost

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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

This column is part of our Business 2 Business (B2B) series featuring industry leaders sharing their expertise. For more great articles, SUBSCRIBE to our FREE news feed, direct to your inbox daily. All you need to do is enter your name and email below.

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