What the Technology Investment Boost means for small business
Small businesses have been offered bonus tax incentives on technology and training in the 2022 federal budget.
The Federal Government’s 2022 budget will help you digitise your small business
In the Federal Government’s 2022 budget, small businesses have fared quite well. The pandemic has been tough on everyone, and this budget provides several investments designed to help small businesses recover. The Technology Investment Boost, one of a number of investments, provides a $1.0 billion investment to assist small businesses get digitised.
The Technology Investment Boost & what it involves?
If you have a small business with an annual turnover of less than $50 million, you might be eligible for the Technology Investment Boost. For expenditure incurred after 7.30PM AEST on 29/03/2022 until 30/06/2023, you could claim a bonus 20% deduction for the cost of expenses supporting digital uptake, up to $100,000. This means that if you are eligible, for every $100 you spend on these digital technologies, you could claim a $120 deduction.
This includes spending on services such as:
- Portable payment devices such as POS systems
- Cloud computing such as cloud POS software
- Online sales platforms
- Cyber security
- Website design
Now is the time to go digital
So, what does this mean for you? Well, if you haven’t already, these tax breaks make it an excellent time to invest in and update your business systems. And what better way to do this than updating your Point of Sale hardware and software. Invest in the very latest in POS system, PowerEPOS, and you’ll get the best POS system for less.
The sophisticated tools PowerEPOS provides will help you to increase customer spend, operate with fewer staff, reduce costs, and really understand your business through reporting and insights.
We think this is an incredible initiative from our Federal Government and we look forward to helping businesses like yours grow. Contact us today to learn more about our cloud POS system, PowerEPOS.
Are you ready to try out the latest in POS software? Get PowerEPOS today!
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