Want money back for your next business website design project?
As part of the Australian Federal Budget 2022-23, Small business that invest in digital technologies including website design, can receive a tax rebate of 120% (up to $100K).
This is all part of the Technology Investment Boost announced by Treasurer, Josh Frydenberg who said “From tonight, every hundred dollars these small businesses spend on digital technologies like cloud computing, eInvoicing, cybersecuirty and web design – will see them get a $120 tax deduction… Investments of up to $100,000 per year will be supported by this new measure.”
Treasurer Josh Frydenberg said the bonus deduction was aimed at cutting the cost of going digital and backing businesses that were “embracing the digital revolution”. He added that the measures were aimed at helping small businesses become more productive and competitive.
So how does the rebate work?
This measure will apply to expenditure incurred in the period commencing from 7:30pm AEDT 29 March 2022 until 30 June 2023.
For eligible expenditure incurred between 7:30pm 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 deducation for this period in your 2022-23 tax return.
For eligible expenditure incurred from 1 July 2022 until 30 June 2023:
- you can deduct the entire 120% in your 2022-23 tax return
What does Coast Creative have to do with any of this?
If your business is in need of a new website or any website and digital services, take full advantage of this incredible opportunity.
Get in touch for a free, no-obligation consultation and/or quote.