2022-2023 Technology investment boost
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Created by: Christopher Le
Modified on: Wed, 20 Mar, 2024 at 10:56 AM
Entities eligible for the bonus deduction
- 1.10-1.12 - small business carrying on a business with an aggregate annual turnover is $50 million
Expenditure eligible for the bonus deduction
- 1.13 - expenditure must be incurred wholly or substantially for the purposes of an entity’s digital operations or digitising the entity’s operations. That is, the eligible expenditure must have a direct link to the entity’s digital operations for its business
- 1.14 - examples:
- digital enabling items - computer and telecommunications hardware and equipment, software, systems and services that form and facilitate the use of computer networks
- digital media and marketing - audio and visual content that can be created, accessed, stored or viewed on digital devices; and
- e-commerce - supporting digitally ordered or platform enabled online transactions.
- 1.15 - between 29 March 2022 7:30pm AEST to 30 June 2023
- 1.20 - depreciating assets are also eligible - in-house software, software development pools, etc.
- 1.22 - Repair and improvement costs for depreciating assets are eligible for the boost provided that these costs are incurred during the relevant time period.
- 1.23 - exclusions
- salary and wage costs;
- capital works costs which can be deducted under Division 43 of the ITAA 1997;
- financing costs;
- training and education costs;
- and expenditure that forms part of, or is included in, the cost of trading stock.
- 1.33 - The total expenditure eligible for the bonus deduction is effectively $100,000 over the relevant time period such that entities can generally claim a maximum bonus deduction of $20,000 per relevant time period.
Reference
Christopher is the author of this solution article.
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