Federal budget 2022 tax breaks for small business

The Federal Budget, released in late March 2022, has some great technology incentives for small business. 

Digital Spending Tax Breaks

Small business owners will receive tax break for digital spending, up to $100,000 per business per year. Breaks can be for:

• Upgrading their cyber security platforms.
• Moving to cloud based service.
• eInvoicing platforms and portable payment devices.
• New web design.
• Any other enhancements resulting in digital advancements.

Companies can receive $120 tax deduction for every $100 spent on these enhancements to their business. Click here to read more.

How can Loyal I.T. Solutions help you with a digital spending tax break?

Loyal I.T. Solutions is a technologically savvy company with the ability to integrate new digital technology into your business.  If you require moving to a cloud-based system, we can help. If you need help upgrading your cyber security protections, we have programs that can assist you. We offer advanced web protections programs and the ability to prepare your business for paperless digital invoicing and payments.  Contact us at quotes@loyalit.com.au if you are interested in any aspect of digital spending.

Instant asset write-off

The scheme, introduced in 2020 in a bid to encourage businesses to invest in new assets, has been extended into 2023.  Information on the asset write off is available here. 

What this means is that items purchased enables businesses to fully deduct new purchases immediately, rather than waiting until tax time.  This is to the value of $150,000.

How can Loyal I.T. Solutions assist you with your asset purchases?

Loyal I.T. Solutions has a team dedicated in quoting you on the latest equipment purchases including (bit not restricted to):

• Servers.
• Photocopiers and scanners.
• Laptops, notebooks or desktop PC’s.
• Conferencing equipment.
• Monitors.
• Routers and Modems.
• Switches and access points.
• Many other items.

If you want to discuss upgrading your assets, to take advantage of the instant asset write off, simply email quotes@loyalit.com.au or call 02 4337 0700.