“Embrace the digital revolution”
Last night (29 March 2022) Federal treasurer Josh Frydenburg announced a 120% deduction for digital technology adoption.
What does the digital technology adoption deduction mean for small to medium businesses?
If you are an eligible business, for every $1.00 you spend on digital adoption you will get a deduction of $1.20. Deductions are effective immediately and can be claimed through to June 30 2023.
The treasurer, Josh Frydenburg announced in his 2022 federal budget speech that “From tonight, every hundred dollars these small businesses spend on digital technologies like cloud computing, eInvoicing, cybersecurity and web design will see them get a $120 tax deduction,”
Who is eligible for the digital revolution deduction?
All small to medium businesses with a turnover of less than $50 million qualify.
What digital items/services can small to medium businesses Claim?
Whilst we are a digital marketing agency you will need to consult your accountant for specifics but our understanding is that every digital investment you make means you qualify.
- Website design
- Website upgrades
- Digital marketing expenses
- Digital training
- Customer Relations Management (CRM)
- Accounting Software
- IT Upgrades and support
- Cloud computing
- Cyber security
I must emphasize that we are not journalists and we certainly are not accountants. We have interpreted as best we can what is publicly available. Consult with your accountant but at the end of the day, this means the money goes back into your hand as a small to medium business owner.
If ever there was a time to get your business website upgraded to a website that works. Now is the time.