2022 Federal Budget enables 120% deduction on digital technology investments

Last night (29 March 2022) the Australian Federal Government announced a technology investment boost, aimed at small businesses (with aggregated annual turnover of less than $50 Million) to support digital adoption.

From now until 30 June 2023 businesses that fit the turnover criteria will be able to deduct an additional 20% of the cost incurred on business expenses and depreciating assets that support their digital adoption. Examples include portable payment devices, cyber security systems or subscriptions to cloud-based services. 

There’s a cap of $100,000 per income year on eligible expenditure. You can spend more than $100,000 but can only claim the additional 20% deduction on eligible expenditure up to $100,000.

Further details are available on the ATO website.

Business owners are advised to seek advice from their accountants on their eligibility for the additional deductions, before making any purchasing decisions.

The CoreBiz team can help you with your digital transformation projects, built on Microsoft’s leading cloud based (SaaS) solutions – Dynamics 365 Business Central & CRM, Microsoft 365 (Office), Microsoft Teams, Power BI and Power Apps. We pair these leading technologies with our decades of experience in project management and business process engineering to deliver successful implementations for our clients. Get in touch to discuss your project – we’re here to help.

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