There has never been a better time to invest in cloud software.
On Tuesday 29th March 2022, Treasurer Josh Frydenberg handed down the 2022-23 Federal Budget and there is good news for businesses looking to invest in the move to cloud ERP software.
Under the measure, the government said more than 3.6 million businesses with annual turnover of less than $50 million would be able to claim an additional 20 per cent deduction on costs incurred on business expenses and depreciating assets that support “digital adoption”.
This means under the changes announced, the government will allow eligible businesses to deduct $120 for every $100 they spend on services that support their digital capability, which could include spending on websites, cloud computing or portable payment devices. The boost will apply to eligible expenditure incurred from Budget night until 30 June 2023, with an annual cap of $100,000.
Treasurer Josh Frydenberg said the bonus deduction was aimed at cutting the cost of going digital and backing businesses that were “embracing the digital revolution” to the cloud.
Mr Frydenberg, who has also promoted a digital economy strategy, said the measures were aimed at helping businesses become more productive and competitive.
For organisations looking to move businesses processes to cloud technology, there has never been a better time, with the Budget aimed at accelerating digital transformation and strengthening business confidence.
Please don’t hesitate to contact us to discuss how your business can capitalise on these 2022 Federal Budget wins and take your business to the cloud.