If you’ve been considering a digital upgrade for your business, then now is the time to make that move. The Victorian and Australian Governments are handing out cash and tax incentives to entice Small-to-Medium businesses (SMEs) to invest, upgrade or transform their digital business presence.
Announced as part of the 2022 Federal Budget, the Australian Government has released their Digital Economy Strategy details to support SMEs digitise their operations by providing a $1 billion Technology Investment Boost. This will give SMEs with an annual turnover of less than $50 million a 20% tax deduction bonus, giving a substantial financial incentive to invest in technology before the June 2023 cut-off.
The tech funding boost is part of an overarching vision for Australia to be a top 10 digital economy and society by 2030 and aims to support businesses to digitise their operations through a bonus tax deduction.
Source: Australian Government Digital Economy – 2022 strategy update
This incentive has been developed to encourage businesses to invest in new hardware, improve cyber security, design a new website or adopt new software services, which will support SMEs to digitally transition and have a significant impact on their business operations.
Post Covid-19 pandemic, Australian SMEs have embraced new digital technologies. They are taking advantage of the government incentives to update their digital presence and continue to grow and recover from the uncertainty the last few years have delivered.
Some of the critical outcomes of investing in your business’s digital transformation are:
- Increase long-term productivity
- Develop new ways of doing business
- Increase profitability
- Time savings
- Protect against cyber threats
- Increase your brand presence
- Reach new customers
There are many different ways you can utilize technology to improve your business. The first step is to identify what you want to achieve, then develop a digital strategy on how you will accomplish this. Our team at Enterprise Monkey can guide you on this journey if you need support with this.
We provide customized software development support to suit your exact business requirements. Our expert team will work with you to find the right solutions for your business.
You might also like to consider some emerging technologies for your digital transformation, such as Artificial intelligence, the Internet of Things (IoT), Data Analytics, Blockchain, and Web 3.0. If you have any ideas outside of the box, reach out to us, we’d love to discuss your ideas with you!
The bonus deduction applies for expenditures incurred between 29 March 2022 and 30 June 2023 and in relation to qualifying expenses up to $100,000 per annum if you would like to read more about how the Australian Government supports SMEs to invest in their economic future through digital transformation, head over to the Digital Economy website.
For Victorian businesses looking to make some minor digital improvements, the Small Business Digital Adaptation offering $1200 rebates on a range of digital business tools might be more suitable for your size business and technology budget.
No matter how big or out-of-the-box your ideas area, Enterprise Monkey are your Digital Solutions expert, and we can advise your business on;
- What digital tools your company can leverage from
- The right technology for your requirement
- eCommerce solutions to scale your business
- SEO opportunities
- Improvements to your existing website with our website audit services
- How to improve your online security and data privacy
- Integrating third-party software to improve business efficiencies
Get in touch to chat with our friendly team to see how we can support your business’s digital transformation.