Calling all small businesses – be a part of a digital revolution

SMEs are set to receive bonus tax deduction as part of Federal Budget’s billion-dollar technology investment boost and our software, hardware, training, and integration solutions all meet the criteria – so do not wait any longer! Reach out to us today and find out how you can take advantage of this! 

Approaching what we hope is the end of the pandemic, businesses around the globe have successfully adopted digitisation on some level – even if it is just a zoom set up for those daily work-from-home meetings. Despite this, even of the largest organisations in the world have been impacted, so this year’s federal budget has caught the eye of small business owners across the country. 

There is no doubt that the best business tips are ones that cut down your expenses and improve your bottom line. Thanks to the Federal Budget’s $1 billion “technology investment boost”, your business can now receive a bonus tax deduction – all you need to do to qualify is invest in digitising your operations! 

What is the Technology Investment Boost? 

Treasurer Josh Frydenberg announced this initiative as part of the 2022-23 Budget speech – going digital has never been more tempting. Here is a summary of everything you need to know about this exciting new policy: 

• You can claim this boost if your business has a turnover below $50 million 
• for every $100 your small business spends on digital technologies, your business can claim a $120 tax deduction. 

• To take advantage of this boost, invest in eligible software, hardware and training between 29th March 2022 and 30th June 2023 
• You can claim up to $100,000 in each qualifying income year. 

Read more about this policy here, straight from the source. 

How does this benefit your business? 

In simple terms, there has never been a better time to invest in digital growth and take advantage of everything the digital world has to offer. Whether you want to subscribe to cloud-based services, invest in cyber security, or simply just re-design your website – now is the time. 

But wait – it gets better! 

This new measure is part of the Government’s initiative to speed up the adoption of digital technology, but what is even better is the additional $500 million skills and training boost, which encourages small businesses to invest in training employees in new skills, including use of new digital technologies. 

This new budget is complemented by several other initiatives for small businesses. 

• $12.7 million for the Digital Solutions Australian Small Business Advisory Services Program, which provides independent advice to small businesses to help build digital capability and improve security. 

• The Digital Business Plan designed to help business use digital technologies to grow and create jobs to encourage Australia’s economic recovery. 
• the Digital Business-to-Business Partnerships Initiative, which leverages relationships between Australia’s corporate sector and SMEs to promote access to and adoption of digital products and services. 

Ready to make the most of this? 

Central innovation can help – we have a rich suite of software, training, technical support, and resources that can work together to transform the way you work, and they all qualify for this program! This means not only will you gain an extra 20% on tax deductions, but you can also boost your business with our industry-leading software solutions like SOLIDWORKS, Archicad or Solibri. 

Since 1990, Central Innovation has offered the absolute best design technology to the architectural, engineering, construction, and manufacturing industries. Where no solution exists, we create one. Our award-winning team of technical experts, specialist consultants and highly qualified instructors are focused on you, and your needs. 

Let us work with you to discover, solve, and deliver a truly effective solution. 

To find out more about what we offer, and what we can do, contact us through the form below, and experience the innovation that is centred on you. 

disclaimer: Please seek advice from your tax agent before making any decisions