Small businesses will be able to deduct an additional 20 per cent of the cost incurred on business expenses and depreciating assets that support their digital adoption.

If you have most recently made investments in digital adoption or plan to before end of 22/23 FY, you may be eligible.

Key Takeaways

• Eligible expenditures may include investments made on portable payment devices, cyber security systems or subscriptions to cloud‑based services.
• These expenditures are incurred from 7:30pm (AEDT) on 29 March 2022 until 30 June 2023.
• A small businesses is considered eligible when aggregated annual turnover is less than $50 million.
• An annual cap will apply in each qualifying income year so that expenditures up to $100,000 will be eligible for the boost.
• The extra 20% will be claimed in tax returns for the following income year and will be included in the income year in which the expenditure is incurred.

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