BUSINESSES IN RECOVERY MODE
The Federal Government Budget 2020-21 – Businesses in Recovery Mode
Temporary Full Asset write-offs for Businesses
Budget 2020-21 supporting digitalisation
The Government is also accelerating the digital transformation to increase productivity and jobs growth to bring Australia closer to its aim of becoming a leading digital economy by 2030. Digitalisation will lower business costs, enhance consumer choice and allow the business to choose how they interact with customers and shareholders.
To support this drive, the Australian Federal Government Budget is providing $24.7 million to help small business operators use technology to improve their processes. An amount of $419 million is allocated to modernise business registers and $256 million to expand the Digital Identity initiative. These investments will make it simpler and easier to start and run a business and interact with Government.
What do these incentives mean for businesses?
The instant write-off tax incentives and the push for digital transformation is a great opportunity for businesses to free up capital for investment. This investment can be pumped back into the business and help in recovering from the current pandemic impact and prepare it for the unexpected with the help of digital technology.
With over 20 years of experience in the IT industry, we have managed businesses from every major industry sector. We use this experience to deliver you an outstanding IT system based on best practice. We can help you upgrade your IT system and transform your business into a fully digitalised one. Computing Australia is capable of solving all problems related to IT faced by businesses of any size. For any further technology or IT related queries, You can contact us or email at email@example.com. Our IT experts in Perth are always available to assist you.
Depreciation – A decrease in the value of an asset over time due to wear and tear
Turnover – The income of a business for a particular period of time
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