Small businesses with an aggregated annual turnover of less than $50 million will be allowed an additional 20% tax deduction to support their digital operations and digitise their operations.
The boost applies to eligible expenditure incurred between 29 March 2022 and 30 June 2023. The boost is for business expenses and depreciating assets and is capped at $100,000 of expenditure per income year. You can receive a maximum bonus deduction of $20,000 per income year.
Eligible Expenditure
The expenditure must
- Already be deductible for your business under taxation law
- Be incurred between 7:30 pm AEDT 29 March 2022 and 30 June 202
- Expenditure must not be excluded expenditure
Eligible expenditure may include
1. Digital enabling items
- Computer hardware and equipment
- Telecommunications hardware and equipment
- Software including software subscriptions
- Systems and services that form and facilitate the use of computer networks
2. Digital media and marketing
- Audio and visual content
- Web page design
- Search engine optimisation fees
- Email marketing fees
- Photo stock commissions
3. E-commerce
- Goods and services supporting digitally ordered or platform enabled online transactions
4. Cyber Security
- Cyber security systems
- Cyber security back up management
- Cyber security monitoring services
- Cyber security upgrade services