Small Business Technology Investment Boost

Small businesses with turnovers under $50M are entitled to an extra 20% tax deduction on investments in technology spending – Any expenses to support digital operations and digitising operations, digital media and marketing and cyber security are eligible, if spent in the 2023 and 2022 tax years. For most small businesses that means cloud computing subscriptions, cyber threat subscriptions and website development/design will be eligible.  There is a cap of 100k per annum and the concession ends midnight 30/6/23. Be sure to claim this in the 2023 tax returns. See ATO for more or contact me. Tax savings can be significant.