Australia’s new Technology Investment Boost gives small businesses a tax deduction on cloud video surveillance subscription services in 2022 and 2023.
Eagle Eye Networks, the global leader in cloud video surveillance and artificial intelligence, has announced its cloud video surveillance technology will be eligible for the Technology Investment Boost – a 20 percent tax deduction for small businesses that invest in digital technologies, including cloud video surveillance.
Designed to encourage businesses to embrace the digital revolution by investing in new technologies, the Technology Investment Boost was introduced to Parliament in March. Small businesses with less than $50 million in revenues can receive a $120 tax deduction for every $100 spent on digital technologies – such as cloud computing and cybersecurity – up to an annual cap of $100,000.
Businesses that invest in cloud video surveillance between March 29, 2022 and June 30, 2022 can claim the expenditure as usual in their 2021–22 tax return, and claim the additional 20 percent bonus deduction for this period in their 2022–23 tax return. Businesses that invest in cloud video surveillance from July 1, 2022 until June 30, 2023 can deduct the entire 120% in their 2022–23 tax return.
“This is a tremendous opportunity for small businesses to take advantage of the security, cybersecurity, and business optimization benefits of cloud video surveillance and receive a generous tax break from the Boost program,” said Dean Drako, CEO of Eagle Eye Networks. “We want to make it even easier for business leaders to make technology investments today that will pay dividends for years to come.”
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