Technology Investment Boost: Save 20% on Digital Services - Sparx Digital
Technology Investment Boost - Small Business Owner Saving

Starting a business can be a very expensive endeavour, particularly when your enterprise is in its infancy… but a new Government initiative named the Technology Investment Boost could help. Start-up costs, which are incurred before the business generates any income, can, for a lot of people, put the brakes on their vision before they even begin – especially if it is a family business. Moreover, it usually takes considerable time before any business grows to the point where it generates a tangible income, let alone turns a profit.

“You need to spend money to make money.”

The costs of setting up a business can vary greatly depending on the type of business involved, but costs common to all business types, regardless of industry or size, include:

  • utility connections
  • insurance
  • business name registration
  • legal fees
  • equipment and supplies

Furthermore, anyone serious about their business today must invest in technology, including the development and maintenance of a modern, responsive website.

Wouldn’t it be great if there was a bit of help to get you started – and to innovate, grow, and create more jobs?

Welcome to the Technology Investment Boost Initiative.

What is the Technology Investment Boost Initiative?

The Australian government has committed to encouraging investment in digital technology, skills and training through targeted concessions. To achieve this, and as part of the 2022-23 Federal Budget, the government has pledged $1.6 billion in tax relief to small businesses to enable them to increase their digital uptake and attract, retain, and upskill their employees.

The Technology Investment Boost will allow small businesses with an aggregated annual turnover of less than $50 million to deduct a bonus of 20% of the costs (up to $100,000 of expenditure annually) of business expenses and depreciating assets that support digital uptake. These might include:

  • E-Invoicing
  • Portable Payment Devices
  • Online Sales Platforms
  • Cloud-Based Services Subscriptions
  • Website Design/Development
  • Cybersecurity Systems

This initiative will potentially help more than 3.6 million small business owners to invest more in their digital capability and thrive in our modern, global marketplace. The government has stipulated that the boost will apply to business digital expenditures incurred between March 29, 2022, and June 30, 2023.

According to a statement from Treasurer Josh Frydenberg on March 29, 2022, “(for) every $100 these small businesses spend on digital technologies like cloud computing, eInvoicing, cybersecurity and web design will see them get a $120 tax deduction”.

It’s projected that the initiative will cost the government $1 billion in foregone tax receipts.

Additionally, the Skills and Training Boost enables the above mentioned eligible small businesses to access a bonus 20% deduction on the cost of external, in-person training courses for their employees for Australian-registered training providers. (In-house and on-the-job training is not eligible, nor is training for non-employees).

How Can The Technology Investment Boost Initiative Help Your Business?

Do you wish to become more competitive and more productive?

If you are starting up a new business of any kind, and in any industry, the technology investment boost could benefit you – by helping you save significantly on the expenses associated with developing a new business website and other costs related to going digital.

Moreover, if you are an existing small business owner seeking to update your operations to implement and build your digital investment, this boost is perfect for you.

Just a few examples of how the technology investment boost could be applied include:

  • Transition to a smarter, more efficient, and more sustainable way of operating your business through investment in cloud-based services. This can drive growth, enable remote working, and ensure stability to support your employees for access to shared documents anytime, anywhere.
  • Enhance your cybersecurity and align your activities through compliance frameworks, access control, data security, asset management, data backup, communications security, and disaster recovery.
  • Managed IT Services for infrastructure maintenance, backup management, IT support and help desk access, cloud hosting, phone systems, NBN connectivity, mobile integration, and much more.

Choose Sparx for your New Website and Digital Footprint!

Do you need a new business website? Look no further than Sparx Digital!

Sparx Digital is an Australian digital agency specialising in a selection of the digital solutions you need to boost your visibility online for the right audience at the right time. From website design and development to content writing, Google Ads and Facebook Ads, we have the creative insight, experience, and technical skills to give you the online presence you need to attract more phone and online enquiries.

There has never been a better time to go digital in Australia!

We guarantee you’ll love working with us – so contact us today via our website or call us on 1300 477 279.

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