Technology Expenses $120 Deduction for Every $100 Spent

Small Business

Technology Expenses $120 Deduction for Every $100 Spent

From 7:30pm AEDT, 29 March 2022 Until 30 June 2024
The Facts:

 

  • 120% tax deduction for expenditure incurred by small businesses on technology such as portable payment devices, cyber security systems or subscriptions to cloud based services.

  • Available to small business with an aggregated annual turnover of less than $50 million.

  • An annual expenditure cap of $100,000 will apply to the boost.

  • The boost for eligible expenditure incurred between 29th March 2022and 30 June 2023 will be claimed in the 2023 tax return. That is, the additional deduction available under this measure is expected to be claimed in the 2023 tax return.

 

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PDF Version: $120 Deduction for Every $100 Spent on Technology

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