Find out what's new before lodging your Attribution CCIV sub-fund tax return 2023.
Small business technology investment boost
The Treasury Laws Amendment (2022 Measures No. 4) Act 2023 provided for a temporary technology investment boost for small businesses in the form of a bonus deduction. Small businesses (with an aggregated annual turnover of less than $50 million) are able to claim the bonus deduction as an additional 20% deduction, on top of their ordinary deduction, for eligible expenditure incurred, and depreciating assets acquired, for the purposes of their digital operations or digitising their operations. The maximum additional deduction is $20,000 per income year.
It applies to eligible expenditure of up to $100,000 per income year incurred from 7:30 pm AEDT on 29 March 2022 until 30 June 2023 (with special rules for early balancers). Special rules also apply if claiming the bonus deduction for eligible expenditure on a depreciating asset.
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