May 31, 2022

Making the Most of the Australian Tax Breaks for Tech Innovation

Making the Most of the Tax Breaks for Tech Innovation

We’re approaching the end of the financial year, which means accountants everywhere are extra busy and lots of business owners are extra stressed. But this year, there’s a new benefit for Australian small businesses. The 2022 Federal Budget includes tax breaks for small business owners. In case you missed it, the government is basically letting eligible businesses deduct $120 for every $100 they spend on digitisation.

It’s the perfect opportunity to upgrade your systems and processes along with your hardware and software. To get you moving on the right track, we’ve come up with some ways you can make the most of the Australian tax breaks for tech innovation this financial year.

Move to the cloud

Right now, there’s a massive boom of small businesses in Australia. 2021 birthed 34% more small business registrations than 2019 (despite the very rocky few years we’ve just been through). The majority of new small businesses are starting off in the cloud, but we’re seeing more established companies still navigating the world of clunky hardware. If you’re in the second camp, use the tax break as motivation to join us up in the cloud.

Moving to the cloud makes collaboration easier, lets your team work from anywhere, and offers security, scalability and cost-savings. Plus, there’s no server taking up office space and asking for maintenance.

Re-vamp your website (putting mobile first!)

Almost 80% of Aussies own a smartphone; we’ve got the second-highest smartphone penetration rate in the world. More and more, we’re using our mobiles to find the products and services we need. And as you know, if a mobile website isn’t up to scratch, we don’t stick around for long.

Use this financial year to invest in a new website if your current one isn’t performing well or looks a little dated. If your internal team is small, outsource. Make sure your new website has a great user experience and take a mobile-first approach in design and development.

Place a bigger focus on data

It’s easy for analytics to take a back seat, but investing time and money into data collection pays off. Data provides the feedback you need to make informed decisions for the business. How your customers behave, what the market looks like and how your business is performing is the sort of knowledge that can take your business to the next level.

Nowadays, lots of software uses artificial intelligence to collect insights and present them to you. Think about which analytics you want to track and you’ll find an affordable platform that can do it for you.

Embrace automation

Automation is no longer just the domain of enterprises with deep pockets. IT automation is giving small businesses a boost, helping them automate the tasks that typically take a long time when done manually, like accounting, digital marketing and customer service.

IT automation software is a growing industry and if you’re looking for a way to innovate with tech that’s guaranteed to deliver positive results, this is it.

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