The Small Business Technology Investment Boost (SBTIB) gives eligible businesses a bonus 20% tax deduction for expenditure incurred from 7.30pm on the 29th of March 2022 to 30 June 2023 that is incurred ‘wholly or substantially for the purposes of your digital operations or digitising your operations’.

Expenditure of up to $100,000 can be claimed with the bonus deduction capped at $20,000. According to the ATO’s website, the SBTIB may be utilised for items such as:

• digital enabling items – computer and telecommunications hardware and equipment, software, internet costs, etc;
• digital media and marketing – audio and visual content that can be created, accessed, stored or viewed on digital devices, including web page design;
• e-commerce – goods or services supporting digitally ordered or platform-enabled online transactions, portable payment devices, digital inventory management, subscriptions to cloud-based services and advice on digital operations or digitising operations; and
• cyber security – cyber security systems, backup management and monitoring services.

We emphasise that the above is not an exhaustive list. The scope of the SBTIB is very broad and can potentially be applied to a much wider range of expenditure. The SBTIB is a one-off claim that can be made through the 2022/23 income tax return.

Our current clients can rest assured that we will work with them to maximise their benefit from the SBTIB.In the meantime, please get in touch if you have questions around the eligibility of your business to claim the SBTIB.

Please also note that many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. Should you have any further questions, please get in touch with us. All rights reserved. Brought to you by RGA Business and Tax Accountants. Liability Limited by a scheme approved under Professional Standards Legislation.