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Small businesses are the winners with this investment boost
The Australian Government has just announced a pretty sweet boost for small businesses investing in digital adoption. For every $100 you spend on digital technology like website design and development, you can deduct $120 from your taxable income.
This is a fantastic opportunity to invest in your business’s digital presence and improve your online visibility.
Any small business bringing in less than $50m per year can take advantage of this tax deduction. You can claim the investment boost on purchases made between 7:30pm 29 March 2022 through to 30 June 2023. This incentive is capped at $100,000 per financial year, meaning you could get up to $20,000 cash back in your pocket for going digital. Imagine what your business could do with an extra 20k!!!
This incentive is specifically for ‘digital adoption’ so it covers investments into new technologies (there’s also an incentive for putting your employees through digital training courses). You’ll be able to take advantage of the bonus deduction for a range of digital expenses, including web design, web development, cloud computing, e-Invoicing, and cybersecurity.
So, how does this work?
It’s simple: for every $100 you invest in the above areas,you can claim $120 back.
To claim the investment boost for the 21-22 financial year, the ATO says you’ll need to submit your normal expenditure claim.The bonus 20% can then be applied for in the 22-23 financial year. If you’re making the investment next financial year, you can claim the entire 120% in your 22-23 tax return*.
Why the push to go digital?
Small businesses are the backbone of the Australian economy and to keep our economy thriving, it’s essential they stay up-to-date with the latest technology. By adopting digital services, small businesses can improve their productivity, efficiency and bottom line.
When you invest in digital technology, such as web development and web design, you can:
- Reach new customers: With a well-designed website, you can reach a wider audience and tap into new markets.
- Boost sales: A web development upgrade could help to streamline your sales process and make it easier for customers to buy from you.
- Save time and money: Using online tools can help you automate tasks like bookkeeping, invoicing and customer communication.
If you’re thinking about investing in digital services for your small business, then now is the time to do it! The government’s new bonus deduction scheme makes it more affordable than ever.
How to make the most of this cash boost
There’s never been a better time to level-up your website. Whether you’re looking to update your tired design, add more pages to your existing site, or have been waiting for the right time to invest in a completely new website—FrogOnline can create a striking website that blows your competitors out of the water.
We create every digital tool your business requires to make an impact online, including small business websites, ecommerce websites, complex website systems, lead generation sales pages, custom web apps, CRM integration and sales funnels.
Our team will look at the unique details of your business, your audience, and your goals so we can create the right solution to get you seen online.
Don’t miss out!
This offer runs out at the end of the next financial year, so what are you waiting for?
If you’re ready to build your online presence and improve your digital marketing, get in touch with us today to start planning your project!
* We strongly recommend you speak to your accountant or finance guru to get financial advice about your business. You can also check out what the ATO has to say about the investment boost so you’re aware of the qualifying criteria.
FrogOnline's online and creative solutions help you connect your brand with customers, increase audience reach and accelerate growth, with online and offline strategies that deliver the results you need to hit your goals.
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