The Small Business Technology and Investment Boost (SBTAIB) Explained
Budget Boost for Businesses
The 2022 Australian Budget has let the cat out of the bag; the Federal Government is rolling out a new tax incentive called “Small Business Technology and Investment Boost” (SBTAIB). This year’s budget report reflects their commitment to future-proofing Australian businesses for the foreseeable future.
This feature explores the ins and outs of the SBTAIB, why it matters, and how to use it.
What is this SBTAIB?
Simply put, the SBTAIB is a tax write-off encouraging local businesses to modernise operations such as improved website design. What can’t be claimed will be discussed in the future.
Traditionally, businesses could claim a 100 per cent tax-deductible on any costs incurred to modernise. With the SBPTAIB, businesses can now register an additional 20 per cent tax-deductible.
In practice, this means that small businesses can claim a total deductible of 120 per cent. Simply put, the government is paying businesses to adopt digital practices. From a purely profit-driven perspective, this is a win-win solution!
In order to be eligible for the SBTAIB, certain conditions must be satisfied. Firstly, your business must have an annual turnover of $50 million or less. Secondly, the SBTAIB is only applicable to costs incurred between 29 March 2022 and 30 June 2023. Most importantly, a cap of $100,000 has been set for each income year of the SBTAIB’s lifecycle.
Why does the SBTAIB matter?
The SBTAIB is an unprecedented measure to kickstart the digital transition amongst aging businesses. But why should this matter to small businesses?
The global pandemic and the recent floods across Australia strongly illustrate the importance of having an online presence.
For starters, it allows you to bypass the limitations of a physical storefront by migrating your core offerings online. Your website is like your 24/7 salesperson; transactions can still take place far beyond closing hours! Regardless of lockdown restrictions or climate catastrophes, being able to advertise, and (or) sell to an online audience ensures your business runs unhindered. An online presence extends your brand’s visibility to audiences infinitely larger than what a physical storefront would attract on its own. To put it into perspective, at the end of 2020, online sales in Australia had grown by a massive 200 million dollars during the pandemic!
Additionally, an online presence allows for continued user engagement such as providing answers to customer queries and after-sales support. Thus, the benefits reaped from having an established online presence are boundless.
What to do with your SBTAIB?
The lessons gleaned from recent catastrophes provide a unique opportunity for business owners, young and old, for a digital transformation. The SBTAIB is the launching pad for financing that journey, elevating your business to the next level.
For example, a “bricks and clicks” business is one that operates a physical and online presence. Sadly, many standard “bricks and clicks” businesses tend to focus more on the bricks, less so on the clicks; it should be the other way around!
Six of the neglected areas in managing an online presence include:
- A poorly optimised website with slow loading speeds, and low SEO rankings
- Incoherent marketing material, or lack thereof
- Outdated UI and website design
- Lack of online engagement with visitors
- Lack of server space to host a high visitor volumes
- Poor website security and protection
It is crystal clear that creating an online presence, let alone managing one, is a difficult task! While the SBTAIB offers business owners a digital lifeline, where does one even start?
Here’s how Vesanique fits in the big picture
As a tech-oriented digital agency, we passionately believe that a strong online presence is the lifeblood of any brand. Without one, your online presence will be buried under a sea of competitors fighting for a slice of the market share pie. As the attention span of online audiences dwindles, captivating audiences is becoming increasingly challenging.
From start to finish, Vesanique offers a comprehensive approach to establishing your online presence. So rest assured, we are ready to equip you with a slew of web-based tools to fight for your fair share.
As a client-focused agency, we value our client’s professional input. Our team at Vesanique ascertains areas in digital marketing and branding that need changing. After determining your unique needs and wants, we begin to implement tech-based solutions such as website design, social media management, and digital advertising to increase brand awareness and efficiency. We tailor each and every solution exclusively to your needs and wants. But here’s the icing on the cake; all of Vesanique’s digital service offerings are eligible for the SBTAIB.
Remember, an online presence is not just a digital manifestation of your brand, but your reputation to a global audience! Embrace that change with us by booking a discovery call. Whatever digital obstacle comes your way, we are ever ready to heed that call to action.