The Federal Budget 2022 announced that website design services will be eligible for Small Businesses to claim 120% of the costs as deductions.
This is part of a budget measure costing the government $1.6 billion aimed to help small businesses spend money on new technologies and training courses to upskill staff.
There is estimated to be 3.6 million businesses in Australia with annual turnover of less than $50m that may be eligible for the scheme.
More details still to come, but it appears that costs need to be incurred after Tuesday 29th March 2022.
If we are interpreting this correctly, you will be able to deduct from your taxable revenue more than you actually spend (120%).
If you would like to talk to Digital Treasury about refreshing your website design, please contact us.
An annual cap of $100,000 will apply to eligible technology expenditure, with the initiative set to last until 30 June 2023.