Thinking of updating your tech in 2022/2023? The new budget has got you covered!
With the release of the new 2022-2023 budget, it’s the perfect time to update your office tech!
Between March 29th 2022 and June 30th 2023, the federal government is offering small and medium-sized businesses an opportunity to deduct an additional 20% of expenditure incurred on business expenses and depreciating assets that support their digital adoption. This is to a max of $100,000, so a maximum additional deduction of $20,000 per year. So, for every $1000 you spend on technology, you get a $1200 tax deduction.
Any new technology purchases such as laptops, monitors and other accessories all qualify. If you need to upgrade your firewall, switches, or server infrastructure, you’re in luck. If you were considering migrating your systems to the cloud to improve flexible working or integration capabilities, or perhaps you want to improve your over cyber-security or disaster recovery profile, this is what it is designed for.
Have a conversation with your accountant about how you can utilize this tax relief initiative. If you are using Microsoft 365, Sophos, or any other subscription services, you most likely already qualify.
As always please feel free to give us a call to discuss how we could improve the way you use technology in your business.
Read more about this opportunity on the ATO website
