If you're an Australian small business with an annual turnover of less than $50 million, the ATO's Technology Investment Boost initiative could help you get a 'discount' on your monday.com subscription and customisation expenses!
Under the Boost, businesses can deduct an additional 20% of their expenditure* for digitising operations, such as subscriptions to cloud-based services and their customisation. That means you can claim an extra $4,000 in tax deductions if you spend $20,000 on monday.com subscription and customisation - but hurry because it only applies to the Financial Year 2022 - 2023 and must be paid by the 30th of June 2023.
There is a cap on the eligible expenditure of $100,000 per qualifying income year.
This policy gives small businesses in Australia a great incentive to invest in technology that will help them stay competitive in today's ever-changing market. With this 'discount', investing in technology won't feel as daunting any more and could provide the boost needed to take your business to the next level!
Please let your favourite monday.com experts know if you want to benefit from the above, and we will help you get moving fast ;).
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*As we are monday.com consultants (and not accountants), please contact your accounting for financial advice ;) We’re simply sharing the wonderful news from the ATO.