In case you haven’t heard, from 7.30pm on 29 March, your small Australian business could be eligible to claim 120% of the costs of investing in new technologies or training to upskill staff.
To be eligible, you need to satisfy the following criteria:
The Government estimates 3.6 million Australian businesses will be eligible for the Technology Investment Boost and the Skills and Training Boost.
When can you claim the Boost?
The Budget documents states:
In addition, you will receive a $120 tax deduction for every $100 your business invests in technology and upskilling staff in the use of technology. That’s amazing!!!
Why introduce the Boost?
The aim of this new support program is to encourage small businesses to upgrade their digital capabilities and invest in cyber security protections.
While many businesses have recently invested in technology because of COVID, the Government doesn’t want them to lose momentum. For most small businesses, there is still enormous potential for productivity gains by introducing improved technology.
In addition to the Technology Investment Boost for small business, the Federal Government also announced a $10 million investment to increase Australia’s national intelligence and cyber security capabilities.
“An outstanding opportunity every eligible business should investigate”
Obviously, you need to speak with your accountant to investigate whether your business is eligible for the Technology Investment Boost and the Skills and Training Boost. But eligibility should never prevent you from investing in your businesses technology, staff capabilities or cyber security.
When COVID-19 first arrived in Australia, we were able to assist our clients to quickly and securely move to remote working at the same time as our own teams were working from home. That’s the power of having robust digital capabilities.
You will never know what’s possible unless you ask an expert for advice and with the new Technology Investment Boost, you now have a significant incentive to explore your options.
A Tresami, we offer completely tailored solutions for your individual business needs. To see how the new government technology supports could be used to help your business, contact us to learn more.
Remember, we’re great at providing technology solutions for your business but we can’t provide financial advice. To check your business’ eligibility for the Technology Investment Boost or the Skills and Training Boost, please consult your accountant or preferred financial adviser.
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