Small business is the backbone of the Australian economy.
Representing approximately 98% of all businesses, the small business sector contributed almost $418 billion to Gross Domestic Product (GDP) in 2018-19, equivalent to over 32% of Australia’s total economy. The sector is also a major driver of employment. Over 4.7 million Australians, or 41% of the workforce, are employed by small businesses.
However, with this success come heightened risks. Small business is facing unprecedented levels of cyber-crime. The direct cost of a cyber-crime event to a small business victim is $9,000 per year. When you factor in business disruption and damaged reputation, those costs can soar much higher – often driving small business to the brink.
From invoice redirection scams to malicious hackers, the continued success of small business is dependent upon their ability to access the technologies they need to protect themselves online.
Digital Transformation Tax Offset
With small business integral to the overall strength of the Australian economy, the Government has committed to launching a new initiative to help small businesses invest in new technologies that drive digital transformation and help keep them secure.
Announced as part of the 2022-2023 budget, the “Small Business – Technology Investment Boost” will enable qualifying small businesses to claim a 120% tax deduction of the cost of investing in assets that support digital adoption.
Eligible assets could include cyber security systems, or cloud-based services, such as Eftsure.
For example, if a qualifying small business invests $5,000 in an eligible asset, they could potentially claim $6,000 in tax deductions.
Embracing digital transformation is essential for any small business intent on thriving in our increasingly interconnected economy. And with financially motivated cyber-criminals increasingly targeting the small business sector, strengthening security around your financial assets with tools such as Eftsure has never been more critical.
Speak to the team at Eftsure today to learn how the right tools can help you safeguard your financial assets from increasingly sophisticated cyber-criminals.
 Disclaimer: Any information contained in this document is for illustrative purposes only. Contact your licensed tax agent for further information and eligibility requirements.