Technology Boost ATO

Technology Boost for Small Businesses

/by

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 spending that help digitise their operations.

The Technology Boost applies to eligible expenditure incurred between 7:30 pm AEDT on 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 businesses can claim tax deductible spending during that period including:

  • Digital enabling items – such as computers, telecommunication hardware, internet costs, network systems etc.
  • Digital media and marketing – audio and visual content that can be created, accessed, stored or viewed on digital devices including web design.
  • E-commerce – goods or services supporting online transactions, portable payment devices, digital inventory management, subscriptions to cloud based services and advice about digital tools.
  • Cyber security – cyber security systems, back-up management and monitoring services.

To find out more head to the Technology Boost page on the ATO website. If you need any help or advice on business deductions don’t hesitate to contact us at STS Accounting.