Bonus deduction available for technology investment
A bonus deduction is available for small and medium businesses that commence digital adoptions.

The bonus deduction will be 20% of the cost incurred for business expenses or depreciable assets that support a digital adoption, including but not limited to:

Digital enabling items such as computer hardware and software, systems and services that form and facilitate the use of a computer network.

Digital media and marketing such as audio and visual content that can be created, accessed, stored and viewed on digital services, and

e-commerce items that support digital payment systems and online transactions.

An annual cap of $100,000 for each income year will be eligible for the bonus deduction.

Any eligible costs incurred from 7:30pm (AEDT) on 29 March 2022 to 30 June 2023 are included. However, any expenditure incurred in the 2021–22 income year will not get the bonus deduction until you lodge your 2022–23 income tax return.

This measure was originally announced by the former government in the 2022 Federal Budget. It is expected that it will pass through the parliamentary process and become law.

If you have any questions, please contact our office. We would be delighted to assist you further.

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