The government wants you to spend big on tech!

The 2022/23 government budget allows small businesses to claim a 120% tax deduction on tech investment. For example, if you bought a $100 software subscription, your business could claim a tax deduction as if the cost was $120.

Examples include:

• Cloud computing
• eInvoicing
• cybersecurity
• web design
• digital assets

Eligibility

Your business qualifies if it has an annual turnover of less than $50 million and can claim a maximum of $100,000 on the tech incentive.

It’s a potential $1 billion government spend to boost Australia’s investment in technology and push small businesses into the cloud.

The government will also invest $10 billion over ten years on cybersecurity and intelligence and another $4 billion on career opportunities for women in tech.