Small Business ATO Boost

Small Business technology investment boost: (from 29 March 2022 to 30 June 2023)

Meaning you can deduct an additional 20% of the expenditure incurred for the purposes of business digital operations or digitising its operations on business expenses and depreciating assets such as portable payment devices, cyber security systems or subscriptions to cloud based services.

An annual $100,000 cap on expenditure will apply to each qualifying income year. Businesses can continue to deduct expenditure over $100,000 under existing law.

Eligible expenditure may include, but is not limited to, business expenditure on:

digital enabling items – computer and telecommunications hardware and equipment, software, internet costs, systems and services that form and facilitate the use of computer networks
digital media and marketing – audio and visual content that can be created, accessed, stored or viewed on digital devices, including web page design
e-commerce – goods or services supporting digitally ordered or platform-enabled online transactions, portable payment devices, digital inventory management, subscriptions to cloud-based services, and advice on digital operations or digitising operations, such as advice about digital tools to support business continuity and growth
cyber security – cyber security systems, backup management and monitoring services.

For more information on the Technology Investment Boost, click here

Small Business skills and training boost: (from 29 March 2022 and 30 June 2024

The expenditure for this boost must be:

for the provision of training to employees of your business, either in-person in Australia, or online
charged, directly or indirectly, by a registered external training provider that is not you or an associate of yours
already deductible for your business under taxation law

For more information on the Skills & Training boost, click here

If you have any questions, please contact our office on 03 9762 7344

Regards,

The Team at Knox Taxation