Digital incentives continue for small business

COSBOA commends the government for its continuation of the Technology Investment Boost, highlighted in Prime Minister Anthony Albanese’s address to the National Press Club today. Originally part of the Coalition’s 2022 Budget, the program gives small businesses with annual turnover under $50 million a 20% deduction for the cost of expenses and depreciating assets that support digital uptake, up to $100,000 of expenditure per year.

COSBOA CEO Alexi Boyd said “It’s great to see such bipartisan support for tax initiatives that benefit small business owners. It’s almost impossible to run a small business today without using technology, whether that be digital data storage, marketing to customers, payment services for customers, managing inventory, payroll software, or just having a website and social media channels.

“We know from research by payroll provider Xero that the more digitised a small business was, the more resilient they were to the shocks of COVID-19. It is essential to incentivise digitisation to make our small businesses stronger, more productive, and more resilient to future economic shocks.”

Ms Boyd cautioned “With increased uptake of technology comes a greater vulnerability to cyber security threats. COSBOA encourages the government to adopt a program to empower small business owners and their staff with the skills they need to protect themselves from cybercrime.”