Technology Investment Boost For every $100.00 a small business (with an aggregated turnover of less than $50 million) spends on digital technologies will receive a $120.00 tax deduction. An annual cap of $100,000 will apply in each qualifying income year. Some exclusions will apply. The boost will apply to eligible expenditure incurred from 7:30pm (AEDT) on 29th March 2022 until 30th June 2023. The boost for eligible expenditure incurred before 30th June 2022 can be claimed in tax returns for the FY23 income year. The boost for eligible expenditure incurred between 1st July 2022 and 30th June 2024, will be included in the income year in which the expenditure is incurred. For Example: Spend $100.00 from now and get $120.00 total tax deduction – Before 30th June 2022: $100 this year, extra $20 next year – After 1st July 2022: $120 in next year’s tax return. A reminder will need to go out to Tax Agents to take this up when preparing end o
f year return for 2024.
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