Small business technology investment boost ended 30th June 2023
A business with an aggregated turnover of less than $50 million will be entitled to a 20% bonus deduction for expenditure relating to a digital business adoption.
The bonus deduction will be available for expenditure incurred from 7:30pm (AEDT) on 29 March 2022 (2022 Federal Budget night) until 30 June 2023.
Eligible deductions are limited to a cap of $100,000 each income year.
Due to the legislative process delaying royal assent until 26 June 2023, an eligible business will have to claim for both years in the 2022–23 tax return. This is one of key budget announcements which became a law post the royal assent on 23rd June 2023.
