Check if you can claim a 20% bonus deduction on technology expenditure to help digitise your small business.
Small businesses with an annual turnover under $50 million can claim a 20% bonus tax deduction on eligible technology expenses to support digital transformation. This applies to expenditures incurred between 7:30 pm AEDT on 29 March 2022 and 30 June 2023, capped at $100,000 per income year, with a maximum bonus deduction of $20,000.
Eligible expenses include digital tools like hardware, software, internet services, and cloud-based systems. It also covers e-commerce solutions, digital marketing, and cybersecurity measures, such as monitoring and backup services. This initiative helps businesses streamline operations and boost their digital capabilities for growth and continuity.
