One of the Budget’s major highlights for SMEs was the announcement of a new tax deduction scheme, designed to reward businesses investing in skills and technology. Under the new changes, businesses will be able to deduct $120 for every $100 they spend on services including upgrades to cybersecurity systems, e-commerce platforms, cloud computing (including online accounting) and yes, a brand new website. If you have been putting off building or updating your website, now is the time to act!
Am I eligible?
Prerequisites include businesses with an annual turnover of less than $50 million, with spending on digital adoption capped at $100,000 a year. The tax break began 29 March 2022 and will continue until 30 June 2023.
Treasurer Josh Frydenberg said that the bonus deduction was aimed at cutting the cost of going digital and backing businesses that were “embracing the digital revolution”. In short, those who are still printing out mountains of paperwork to wrangle their books, calmly step away from the copier and do your business a long-awaited solid.
How do I claim this deduction?
The rebate will apply to digital expenses incurred in the period commencing from 7:30pm AEDT 29 March 2022 until 30 June 2023.
For eligible expenses you will:
- claim the expenditure as usual in your 2021-22 tax return, and
- claim the additional 20% bonus deduction for this period in your 2022-23 tax return.
For eligible expenses incurred from 1 July 2022 until 30 June 2023:
- you can deduct the entire 120% in your 2022-23 tax return
Do I really need a website?
Clearly if the government is willing to sink a cool $1.55 billion to push you into stepping over to the technological dark-side, it’s safe to assume your business would benefit from a website.
Without a website, people may question your legitimacy as a business. Having a website is an opportunity to make a great first impression and give people comfort that you are real. Showcasing your brand to your prospective customers is one of the most important things that you can do.
Do you know a guy…or girl?
Absolutely! At addWorth, we are passionate about partnering with other local like-minded businesses who are taking care of our region.
And we have just the right girl in mind:
Meet fierce female entrepreneur, Nicole Davidson, who is the Owner & Creative Director of Picasso Media.
Enjoy their easy website design process with Central Coast’s friendliest website design company.
When you work with Picasso Media you can expect a smooth design process, with great support and an amazing looking website that converts into customers. Along with being easy to use your website should bring you more leads, increase your sales and position your business as an expert in your field.
At Picasso Media, they pride themselves on providing simple marketing solutions for their clients. For every website they design, you will have complete control in using the website after the design process. No matter if you are creating a simple website or an eCommerce website you will be able to make changes to your website as you need to. They also provide training with all website packages.
So ask yourselves….what are you waiting for?