2022 budget: government backing small businesses to invest in technology
Posted on 17th May 2022
There has never been a better time for a small business to move away from the chaos of using spreadsheets for estimating and to embrace digital transformation, with the government announcing a new $1 billion plan to boost small business’ investment in technology in this week’s budget.
The plan will see small businesses – those with a turnover of less than $50 million – able to claim a $120 tax deduction for every $100 spent on investments in new technology including computer hardware and software and digital technologies such as cloud computing, e-invoicing and cyber security.
According to Federal Treasurer Josh Frydenberg, the plan is designed to get more small business to do more online:
“Our plan will help businesses to grow, lift their productivity and become more competitive and at the same time make us less reliant on global supply chains.”
Businesses are being encouraged to get in quick, with on-going supply chain challenges potentially causing delay in receiving new technology.
The adoption of Cloud technology – where you can access applications through the internet – is at the forefront of digital transformation, allowing businesses to access and connect multiple systems to provide a true digital eco-system for them to utilise.
And Benchmark Cloud allows you to do just this, access the Benchmark platform anytime, anywhere and from any device, which has never been more important in an era of increasing reliance on remote work.
It also provides full freedom and flexibility for your team to collaborate – no requirement for only one person to work on an estimate or desperately searching for the correct version of the estimate to use.
The cloud also allows you to simultaneously stop managing your IT infrastructure yourself, with all servers and IT infrastructure maintained by the cloud host provider.