The hot topic across Australia over the last week has been all about the winners and losers in the Federal Government’s 2022 budget. Small businesses are set to be the major winners from the budget, with a number of investments being made to assist them in the recovery from the pandemic.

One of those investments is the ‘Technology Investment Boost’; a $1.0 billion investment to assist small business with digitisation.

What does the Technology Investment Boost involve?

The Technology Investment Boost helps smaller companies embrace the digital revolution by providing tax deductions on tech related expenses.

Small businesses (with aggregated annual turnover of less than $50 million) will be able to deduct an additional 20 per cent of the cost incurred on business expenses and depreciating assets up to $100,000, that support their digital adoption, such as:

• Subscriptions to cloud-based services
• Online sales platforms
• Cyber security
• Portable payment devices
• Website design

“From tonight, every hundred dollars these small businesses spend on digital technologies like cloud computing, e-Invoicing, cybersecurity and web design will see them get a $120 tax deduction,” the Treasurer said in his budget speech on Tuesday evening.

Simply put, this means for every $100 you spend on these digital technologies, if eligible, you can claim a $120 deduction!

What better time to go digital!

If you’ve been thinking of embarking on the digital transformation journey, now is the time to invest in your businesses’ digital growth and make the most of what going digital can do for you and your business!

OMS Software can help! Our platform incorporates; Business process automation, Laboratory Information Management Systems (LIMS), Enterprise Software (ERP), Quality Management System (QMS) in accordance with ISO 17025, 17020, 9001. Our platform is qualified / eligible for the expenditure items.

We think this is a fantastic initiative from our Federal Government and look forward to helping you on your digitalisation journey. Contact us today to learn more about our services, and to arrange a free demo!