Top Five Ways Your Practice Can Save Money
Increased Tax Deductions from 2022 Budget
During the 2022 Australian Budget, the treasurer said - practices would receive $1.20 back for every dollar spent on applicable digital adoption services.
These deductions will be for expenses between Tues, 29 March and 30 June 2023.
What Digital Services Are Included?
Accelerated deductions apply to costs incurred on eligible subscriptions to cloud-based services and depreciating assets that support digital adoption, such as:
- Online payments systems,
- Cybersecurity services,
- Subscriptions to cloud-based services
Top Five Ways Your Practice Can Save Money
Medical Practices will be able to deduct an additional 20% of the cost incurred for many cloud-based services. Here are our top five:
- Websites & Support Services,
- Online Analytics & Automation,
- Online Marketing Services,
- Online Transactions (Booking, Billing or Payments)
- Online Training & Education Services.
Invest in Digitising your Practice
Look at your planned investment in technology and digitisation.
So, in addition to the existing temporary full expensing measures (ending 30 Jun 23), this new measure will allow your practice to “boost” digital adoption.
As the goal is to improve efficiencies and output, the boost is capped at a maximum benefit of $25,000 per year,
How much Can Be Claimed?
Tax savings for expenses on medical practice digitisation will apply in both 2022 and 2023 years. Expenditures are capped at $100,000 and will attract a 20% boost. The timing for eligible expenditure are:
- 30 June 2022, the boost will be claimable in the next tax year, and
- 30 June 2023, the boost will be included in the same year.
Find Out More
If you are thinking of improving your website or online presence, book a time to learn how you can benefit from these services for less.
The easiest way to arrange a time to talk is to simply:
- Click here - https://www.quantumdigital.com.au/book-an-appointment
- Select a time that works for you (the calendar is Sydney time), and
- We will confirm your booking promptly.
Source: Australian Budget 2022 - Budget Paper No. 2 page 27; and Budget 2022-23: More jobs and a strong economy page 16
