As the end of the financial year draws near, many small businesses in Tasmania will be looking for ways to reduce the amount of taxable income they pay.
Following announcements in the 2022 Australian Federal Budget, it seems there's no better time to develop a new website or redevelop your existing site due to the 120% tax deductions that web design services now offer.
As a part of the Government's 1.6 billion dollar measures to assist small businesses spend money on technologies, the Australian Federal Budget announced eligible businesses are able to claim 120% of the costs associated with web design services as a taxable deduction.
The budget.gov.au website lists this under the Technology Investment Boost, which states:
"The Government is providing $1.0 billion for a new Technology Investment Boost to encourage small businesses to go digital."
"Small businesses with annual turnover less than $50 million will be able to deduct a bonus 20 per cent of the cost of expenses and depreciating assets that support digital uptake."
"This includes portable payment devices, cyber security systems or subscriptions to cloud-based services. The boost will apply to eligible expenditure of up to $100,000 per year, incurred from Budget night until 30 June 2023."
While every business is different - and it's important to consider your own situation - we understand this announcement to enable small businesses in Tasmania to deduct from your taxable revenue more than you have actually spent - 120% more.
It is important to note that the costs need to be incurred after Tuesday 29th March 2022, however businesses that may have been considering improving their online presence can look to make the most of the opportunity.
Small businesses in Tasmania and Australia can make use of the announcement by engaging web design services.
If don't have a website, business owners can start by visiting our overview page of website design services offered by Domin8 Designs.
A new website presents many benefits for businesses in Tasmania, including:
Domin8 Designs specialise in helping small businesses get off the ground through a simple and straightforward web design process.
With a focus on creating relationships, not just transactions, we have created successful websites for a range of business and budgets across Tasmania.
If you're interested in developing a new website for your business, you can fill in our no obligation 'discuss a website project' form today.
At Domin8 Designs, we have nearly 9 years experience of using the website development platform Webflow - and recently took the first step in becoming a Webflow Expert to recognise our expertise.
This means we can both promptly and affordably redevelop your existing website - taking the positives from your current content and design and improving on this with our skills in creating professional, engaging and importantly successful websites.
While we know undertaking a website redevelopment can be daunting, we aim to make the process as easy as possible.
Get in contact today to discuss how a website redevelopment can benefit your business in 2022.
Tasmanian businesses may also be able to utilise the 120% tax deduction opportunity through additional website and cloud services such as:
Overall, we welcome the announcements by the Australian Federal Budget and hope that it provides the opportunity for small businesses in Tasmania to improve their digital presence in 2022 and beyond.
As always, if you've got any questions about the announcement, how your business can make the most of the Technology Investment Boost or how Domin8 Designs can create a website for your business - we invite you to get in touch through our contact page or social media.
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