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Small Business Technology Investment Boost

Grant Beatty Head of HSP
Small Business Technology Investment Boost

Under the proposed Technology Investment Boost, small businesses with an annual turnover of less than $50 million will be able to claim a 120% deduction on costs associated with supporting their digital adoption.

As part of the 2022–23 Budget, the then Government announced in March that it will be supporting small businesses, by deducting an additional 20% of the cost incurred on business expenses and depreciating assets that support their digital journey, in an effort to help them keep up with larger enterprises.

This announcement is yet to be passed into law by the new Government, however, it is worth noting as the financial year draws to a close, as it could save small businesses thousands of dollars. The deduction will be applied to costs incurred between 29 March 2022 and 30 June 2023.

The allowance will be applied to organisations that invest in technologies such as cloud computing, artificial intelligence, cyber security systems, and digital devices.

Josh Frydenberg, then Treasurer, stated that “every hundred dollars these small businesses spend on digital technologies like cloud computing, eInvoicing, cybersecurity, and web design will see them get a $120 tax deduction.”

How to claim the Technology Investment Boost 

For eligible expenditure incurred between 7:30 pm AEDT 29 March 2022 until 30 June 2022:

  • Claim the expenditure as usual in your 2021–22 tax return, and
  • Claim the additional 20% bonus deduction for this period in your 2022–23 tax return.

For eligible expenditure incurred from 1 July 2022 until 30 June 2023:

  • Deduct the entire 120% in your 2022–23 tax return.

You can find further details on the Technology Investment Boost here.

 

Offers available to take advantage of the proposed tax deduction

If you have any remaining budget that you would like to invest before the end of the financial year, here are some great ways to fast-track your digital adoption and take advantage of the proposed announcement.

Offers

HP Elitebook x360 830 G9

$1,899 ex GST

  • Ideal for hybrid working, both in the office and working remotely
  • Powerful device with the latest Gen Processor
  • x360 flip form factor with touch screen

Specs:

  • I7 CPU
  • 16GB Memory
  • 256GB SSD
  • 13.3” WUXGA Touch screen
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HP Zbook Firefly 14

$1,899 ex GST

  • Ideal for office power users, creators, architects & designers
  • Combines mobility with power, 4G capable, upgradeable memory
  • 400-NITS Display

Specs:

  • I5 CPU
  • 8GB or 16GB Memory
  • 512GB SSD
  • 14” 400-NITS Display
  • LTE 4G
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Macbook Pro

$2,579 ex GST

  • Ideal for office users, creators & videographers
  • The ultimate mobile device for Apple users
  • Featuring the M1 Pro chip

Specs:

  • Apple M1 Pro chip with 8-core CPU and 14-core GPU
  • 16GB Memory
  • 512GB SSD
  • 512GB SSD
  • 14-inch Liquid Retina XDR display
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HP E24 Monitor

$289 ex GST

  • Work comfortably and stay focused with the optimised ergonomics and Full HD resolution
  • 23.8″ flat IPS with Edge-lit
  • Total comfort with HP Eye Ease
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Jabra Evolve2 65 Headset

$299 ex GST (Headset only)
$365 ex GST (Headset with Stand)

  • Engineered to keep you agile. Work anywhere with superior wireless audio performance
  • Up to 37 hours battery life
  • Great for flexibility in noisy offices
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We work with a wide range of industry leaders to procure the right technology solutions for our customers. If you don’t see what you need, get in touch to speak with one of our procurement specialists.

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