The Technology Investment Boost aims to encourage small businesses to invest in digital technology and digitalise their business operations.
A businesses with an aggregated annual turnover of less than $50 million may be allowed an additional 20% tax deduction to support their digital operations and digitise their operations.
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.
Any eligible expenditure incurred by an eligible business in 2021–22 and/or 2022–23 income year must be claimed in the 2022–23 tax return.
Read the ATO eligibility criteria here.