Receive a $120 tax deduction for every $100 spent on your website

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May 2022

This is by far, THE most exciting news we have brought to you in years!

In the 2022 Federal Budget announcement, Treasurer Josh Frydenberg included a range of incentives to support small business growth and increase digital uptake by small businesses.

But the one we know you’ll be exceptionally excited about is the one that relates to your website.

“From tonight, every $100 these small businesses spend on digital technologies like cloud computing, eInvoicing, cybersecurity and web design, will see them get a $120 tax deduction,” Mr Frydenberg said on Tuesday 29 March 2022.

The Government’s Technology Investment Boost aims to encourage businesses to go digital, and invest in online solutions and assets such as websites.

This means that small businesses with an annual turnover of less than $50 million (so the majority of us), can invest in a new website or website improvements, and claim 120% of the cost as a deduction.

It’s all part of the Government’s drive for small businesses to embrace online solutions. The boost will apply to expenditure incurred from 7:30pm (AEDT) on 29 March 2022 (Budget night) until 30 June 20231.

So if you’ve been putting off a new website or website improvements for your business, there’s never been a better time, get in now to claim 120% back on your 2022 tax return.

We’re experts in WordPress, WooCommerce and eCommerce websites. So, if you really want to capitalise on the world wide web, we can help!

Give us a call to talk about taking your business to the next level on (03) 5222 3328 or send us an email at hello@evolutiondesign.com.au to organise a meeting to discuss your next move.

Receive a 0 tax deduction for every 0 spent on your website
Disclaimer: Evolution Design Agency does not provide financial advice. This information based on the Australian Governments Federal Budget release dated Tuesday the 29th of March 2022. We advise that you check with your tax professional for advice relating to how this may affect your tax returns and to confirm if you are eligible and qualify for this tax deduction. Evolution Design Agency takes no responsibility to amendments made by the Australian Government throughout the lifecycle of this proposed incentive program.
Source:
1. ato.com.au
2. https://www.smh.com.au/politics/federal/small-business-gets-1-billion-to-go-digital-20220323-p5a79p.html
3. Image credit: tenor.com

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