The continual effect of the ongoing pandemic has provided many challenges for SMEs. With lingering potential of closed borders, restrictions on travel, and changing consumer behaviour, SMEs have needed to reassess and adjust in order to keep up to date with a changing environment.
One measure which has significantly helped SMEs deal with these ongoing challenges is the
use of digital tools to better run their business. The recent Australian 2022-23 Federal Budget has recognised the importance of digitising SMEs and has included a number of measures to further drive this investment.
Here at FocusedGrowth®, having years of experience and being deeply ingrained in the Digital Marketing field, we’re well positioned to successfully leverage this recent Budget announcement. We’ve put together this blog to help you better understand the details and make sure that your business can fully maximise its digital potential.
Federal Budget Announcement – Technology Investment Boost
The recent Australian 2022-23 Federal Budget had a central theme of securing Australia’s economic rebuild. Within the budget there are a number of initiatives to support SMEs recover from the lingering effects of the pandemic.
One of the most important of these initiatives is the Technology Investment Boost, a $1.0 billion investment to assist SMEs with digitisation. Under this initiative eligible businesses will be able to claim a bonus 20% deduction for the cost of expenses supporting digital uptake. Further details regarding this initiative can be found in the table below:
| Condition | Applicability |
| Eligibility | Australian small businesses with an annual turnover of less than $50 million |
| Time Period | Applies to expenditure incurred from
29-Mar-22 until 30-Jun-23 |
| Expenditure Cap | Expenditure up to $100,000 per year |
| Covered Expenditure | Website design
Online sales platforms Cloud computing Cyber security Portable payment devices Any other investment that is enhancing your digital capability |
Taking everything into account, as long as the eligibility criteria has been met, for every $100 spent on digital technologies, an SME will be able to claim a $120 deduction.
Benefits for SMEs
This recent announcement provides a great opportunity for an SME to reassess any planned investment in technology and bring their digital presence to the next level.
Utilising the latest SEO practices, it’s possible to optimise the composition and attractiveness of an SME’s website, and maximise access to and the utilisation of online sales platforms. This will greatly assist a business achieve more prominent online visibility and open up new revenue channels.
With this additional government support, an SME is also able to revolutionise its digital infrastructure through investment in cloud computing, cyber security and portable payment devices. This will help to establish a solid base and level of protection from which to conduct their online business.
The combination of a sound investment in all these areas will help transform an SMEs digital presence and provide their customers with a seamless online experience.
Why FocusedGrowth®
In order to make the most of this government support and formulate a plan that is specific to your business, you need an experienced partner to provide exactly the right guidance that you need.
Here at FocusedGrowth® we’re an expert Digital Marketing Agency who know exactly how to best leverage any tax and government subsidies on offer. We have many years of experience in the industry and offer a comprehensive set of services including;
- SEO
- Website Design
- Marketing Automation
- Content Marketing
- Social Media Management
- Facebook Advertising
- Google Advertising
- Spotify Advertising
When you come to us, we’ll perform a service audit to determine your current state and capabilities. We can then begin to formulate a customised strategy to address areas where you need investment utilising the latest government support that’s on offer.
We’ll provide you with a comprehensive tailored digital solution that will transform your digital presence and will bring your business to the next level.
For any of your online digital needs, why not contact us today.