Have you heard about the Technology Investment Boost yet? If not, get excited, because there are some great tax deductions coming your way when you invest in technology over the next financial year!

The Government’s Technology Investment Boost aims to reduce the cost of small to medium sized businesses in Australia going digital by supporting businesses to invest more in their digital capability.

The Boost is aimed at helping small to medium size business embrace the digital world by allowing them to claim an additional 20% on costs incurred (yes, you read that right a whopping 20%). Basically, for every $100 you spend on digitalising your business, you can claim $120 when you submit your tax return for the 2022-2023 financial year.

With an annual cap of $100 000 for this boost, there is a lot you can do to really ramp up your digital ecosystem to help grow your business over the coming 12 months!

So, what can you claim for the Technology Investment Boost?

The ATO website states that you can claim expenses for your business’s digital adoption, “such as portable payment devices, cyber security systems or subscriptions to cloud based services”. Slightly vague but they have worded as an example and not a complete list.

You can visit the site to take a look for yourself here.

Heading over to the Federal Budget website, you’ll find a similar list of expenses, but with an example of a fictitious business called “Parrot Pipes”, whereby they claim an additional 20% for the purchase of 50 laptops and a new website.

You can visit the site to take a look for yourself here.

Finally, if you head over to the Department of Prime Minister and Cabinet website to look at the announcement, you find a broader list of what is included for your business, which states, “this will encourage businesses to invest in new laptops, improve cyber security, design a new website or adopt new software services”. It then goes on to give an example of a fictitious business they named “Rock N Roll” whereby they claim, “new computer hardware, revamps its website and invests in a new digital marketing strategy”.

You can visit the site to take a look for yourself here.

While it all feels slightly vague, if we take away the key points from these examples, it is most likely that you can claim your expenses for:

  • Payment devices
  • Cyber security systems
  • New Cloud based services like accounting, CRMs, Website hosting etc
  • New Website Design
  • Digital Marketing

  • Laptops

Here’s the disclaimer: As we are a digital marketing agency and not an accounting firm; we advise that you check with your tax accountant about your eligibility and any claimable items before you spend an additional dime on anything you may believe is available within this federally budgeted boost.

Here are the quick Facts

  • Who Qualifies: Businesses with a turnover of less than $50m
  • Maximum Amount: $100,000 annual cap
  • Tax Deduction: $120 for every $100 spent
  • Timing: 2022/23 financial year

So, if you’ve been considering getting a New Website Design, some SEO for your business to perform better on Google or getting a Digital Marketing strategy developed for your 2022/23 financial year, definitely take this boost into consideration and talk to your Accountant, then give us a call… we’d love the opportunity to help your grow your business in the new financial year.

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Get in touch with us today and let’s start transforming your business from the ground up.