So many small businesses are only just now getting back on their feet after a few tough years. We’ve all had to make some big adjustments, and it hasn’t been easy. But there are plenty of great opportunities popping up to broaden your horizons and engage with your audience in a profound way.
Here’s a little food for thought.
The pandemic has been moving businesses into the digital space.
Out of the pandemic, there has been one great silver lining. We’ve never been connected as deeply online as we are today.
Through online booking, shopping, meetings, and even socialising, people rely more on the internet than ever. Businesses have had to adapt and make many of their services accessible to people remotely, which can be costly upfront. Still, it’s an excellent opportunity for forward thinkers to get ahead of the curve.
With a modern web presence, you can interact with a far wider audience in a much deeper way. And a broad reach brings many benefits; you can create a source of passive income for your business, make booking more convenient and more accessible, have a broader discourse with your community, find the right people, and have better working relationships with your clients and customers.
It’s an excellent opportunity to put your best foot forward and expand your business’s online presence.
This digital technology boost tax incentive is aimed at helping small businesses make the move online.
So, how can you get the most out of the new "Digital Technology Boost"?
It’s simple, if your business invests in cyber security, e-invoicing, e-commerce, or a tailored website, you can now write off 120% of the expense. So, for example, a $10,000 website, under the new incentive, will be a $12,000 write-off.
The incentive starts in the next financial year, so any expenditure occurring from the 1st of July this year until the 30th of June next year can be deducted as 120%.
But any expense you have from the 29th of May this year can be written off at the usual 100%, with an extra 20% added to your deductions next financial year, so there’s no need to wait.
So, who can benefit? Your annual turnover must be below $50 million to claim the incentive, and you can only write off up to $100,000 at the higher rate. After that, it’s back to the usual 100%.
As far as we can tell, since the government is in a “caretaker” status right now because of the election, the law hasn’t been fully enacted yet, so watch this space for an update.
What do you stand to gain by getting your website built this year?
A new website gives you a chance to redesign your brand or realign your business’s values to reach the right people. There’s no better feeling than working with value-aligned people who share your outlook. I know I love it!
With the shift of so many services to a web-based platform, a template website won’t be as effective as a tailor-made site. If you’re wondering if it’s time to upgrade from your old website to a tailored design, check out my previous blog on what a tailored website can do for you here.
So, when you’re ready to refresh your business with a page that represents you, there’s no better time than the present. Let your website tell your story and reach your dream client.
If you have any questions or your own story about moving digital, we’d love to hear it, so drop us a line. And if you want to chat about building your new tailor-made website, then book a chat with us.
