Technology Investment Boost Ends on 30th June 2023

Dear Clients,

TECH INVESTMENT OPPORTUNITY

The budget announced the Australian Small Business Technology Investment Boost will come to an end on 30th June 2023.

This is an opportunity for eligible small businesses to invest in their technology infrastructure

THE RULES AND HOW MUCH

It must be new and not previously used or leased by your business or any other entity.
The assets must be used or installed ready for use before 30th June 2023
You receive an additional 20 per cent deduction on expenses and depreciating assets that support digital operations.
An annual $100,000 cap on expenditure will apply to each financial year so at most, a bonus $20,000 tax deduction can be claimed.

WHAT YOU CAN CLAIM

According to the Australian Taxation Office, eligible assets include:

Computer hardware
Computer software including subscription to cloud-based services
Website development
Security systems, both physical and cyber
eCommerce solutions including portable payment devices, point-of-sale systems and payment gateways
Digital media and marketing
Office equipment such as printers, scanners, multi-function copiers, etc
Communication equipment such as headsets, video conferencing tools, VOIP-enabled phones, etc.

BOOKKEEPING

You could separate these expenses but it is preferred you use the Xero software to mark and track these expenses.

This is likely to be outside of your current bookkeeping scope but worth the small investment to include.

If you are considering making an investment in your technology infrastructure, I strongly encourage you to take advantage of this program before it ends.