Is your business website looking a little outdated and in need of a redesign? Here are 13 telltale signs it is.
Good news. It’s a fantastic time to invest in a new website, and let me tell you why. The Australian Government has announced that businesses can get a 120% tax rebate on their website until June 30, 2023!
It’s called the Small Business Technology Investment Boost
In his 2022 budget speech, former Treasurer Josh Frydenberg said “Every hundred dollars these small businesses spend on digital technologies like cloud computing, e-invoicing, cybersecurity, and web design will see them get a $120 tax deduction,” Frydenberg said.
The Small Business Technology Investment Boost is a massive $1.2 billion investment scheme to support small and medium-sized businesses. This investment aims to help businesses improve their digital capabilities, enhance their online presence, and stay competitive in today’s digital landscape.
The scheme provides a tax incentive of 20% on eligible expenses, up to a total of $100,000 per year per business.
The Small Business Technology Investment Boost has a funding pool of $1.2 billion and is available for up to 60,000 eligible businesses.
The Small Business Technology Investment Boost was introduced in the 2021-2022 Federal Budget and is available for eligible expenses incurred from 1 April 2021 to 30 June 2023.
What expenses are eligible?
Based on the eligible expenses criteria for the Small Business Technology Investment Boost program, here are the 10 most common digital product expenses that small companies in Australia may claim:
- Computer hardware, such as laptops, desktops, and servers
- Software, including accounting, payroll, and customer relationship management (CRM) systems
- Website development or upgrade costs
- Cost of running a website – for example, website hosting and site maintenance that preserves its character
- Communication equipment, such as phones, headsets, and video conferencing tools
- Office equipment, such as printers, scanners, and photocopiers
- Training costs related to improving employee skills, such as courses or conferences
- Security systems, including alarms, CCTV, and access control systems
- Point of sale (POS) systems, such as cash registers or card readers
- Renewable energy systems, such as solar panels or batteries
- Vehicle costs, such as vans or trucks used for business purposes
It’s important to note that not all technology-related expenses are eligible for the Boost. You should consult with your accountant or tax advisor to determine your eligibility and the specific expenses that qualify for the Boost.
I want to take advantage of this, what should I do?
Reach out to us of course! We provide a huge range of digital solutions and can discuss what solutions and upgrades are right for your business. Whether it’s changes to an existing website, a brand-new site, a UX review, or implementing a new CRM to improve sales, get in touch and we can help you take advantage of these incentives!
