Small businesses in Australia will get a chance to have a brand new website and digital upgrade thanks to the Technology Investment Boost initiative in place.
To support small businesses to invest more in their digital capability, the Australian government is delivering $1 billion in tax breaks for digital spending under the initiative, including upgrades to cybersecurity systems or online sales platforms.
Announced on 29 March 2022, the changes will have the government allowing eligible businesses to deduct $120 for every $100 digital spending, which could include costs on websites, cloud computing or portable payment devices.
There are more than 3.6 million small businesses with a turnover of less than $50 million that are eligible to claim a bonus deduction of 20 percent for expenses and depreciating assets, up to $100,000 per year. They can claim the tax break on purchases made between now and 30 June 2023.
The bonus deduction would cut the cost of going digital and backing businesses that were “embracing the digital revolution”, according to Treasurer Josh Frydenberg.
Mr Frydenberg said: “From [29 March 2022], every hundred dollars these small businesses spend on digital technologies like cloud computing, eInvoicing, cybersecurity and web design will see them get a $120 tax deduction.”
The bonus deduction can be claimed on a range of spending, from improvements to cybersecurity systems, digital tracking for livestock, subscriptions to enhance data analytics and marketing and a digital inventory tracking system.
How we can help
This new initiative means having a well-designed website is no longer a pipe dream if you’re a small business on a tight budget!
Whether you’re transitioning your brick-and-mortar store to an e-commerce website or simply hoping to build an online presence for your brand, our digital marketing agency can help bring your vision to life. Pairing your website with other digital marketing strategies like SEO, content marketing, copywriting and others will also allow you to reach your most qualified customers.
If you’re ready to optimise your website with the best digital marketing agency, get in touch today to chat about how our web experts can grow your business. Or if you’re eager to get started, use our web calculator to get a free, instant estimate for how much your website will cost you!
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