LAST MINUTE TAX DEDUCTION OPPORTUNITY
The Small Business Technology Investment Boost, which allows a tax claim of 120% of the spent amount, was (finally) legislated a few days ago. The 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.
As this was only passed a few days ago, we have not considered this in our tax planning estimates. So, if this applies to you – WINNER! When we complete your 2023 tax work, we’ll delve closer into your digital & technology purchases.
If you are interested in taking advantage of this now, ACT FAST! If a physical item, the item needs to be in your possession & usable by COB this Friday 30th June 2023. Please see the ATO page for more information on what may be covered by this benefit.