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There has never been a better time for tradies to digitise their businesses than right now! The Australian Federal Government recently announced three important tax deductions in the 2022-23 Australian Federal Budget which will help tradies save money while improving their business with digital technology, upskilling their team, and growing the business with new apprentices. This is great news for the industry so let's dive in and check out all the details of what has been announced.
Technology Investment Boost
If your trade business has an annual turnover of less than $50 million you can now claim a 20% tax deduction on digital uptake expenses up to the value of $100,000! This includes items such as:
- Project or job management software subscriptions
- Accounting or e-invoicing software subscriptions
- Cyber security systems
- Hardware devices eg: iPads, phones and portable payment devices.
- Eligible for costs incurred between 7.30pm AEDT 29th March 2022 until 30th June 2023
This is a great time to chat with us at TradiePad to discover which cloud software is going to work best for your business. With our industry knowledge across a multitude of apps for tradies, we can help you find the perfect solution for you and get you started on your digital technology journey. Already using an app but not sure it's the right fit? We can help there too!
Our Services Include:
- App Advisory
- Setup, integration and training project
- Migration to new software
- Website domain registrations
- Business email setup and integration
- MDM Service - Device management, Apple ID management, App deployment, Telco account management
- Cyber Security Training
- Software and technology support services
Skills and Training Boost
A big part of what we do at TradiePad is helping you find the right apps for your business and providing tailored training programs for you and your team to ensure you get the most out of your investment.
The Skills and Training Boost announced in the budget allows trade businesses to:
- 20% tax deduction on training services
- Applies to businesses with an annual turnover of less than $50 million
- Can be claimed between now and 30th June 2024.
Upskilling your staff on how to use your software correctly is a critical step for any business using digital technology. It will save your hours in admin and allow your staff to enter data for you in the field such as customer and job details, timesheets and payments. Training your staff correctly will cut down on the amount of questions and phone calls you need to field during the day and allow them to remotely access everything they need in the app, right at their fingertips.
TradiePad offers a range of training services:
- Full setup, implementation and training project
- Further training
- New staff training - onboarding
- Hourly blocks - Use for online training or TradiePad offline work updating your supplier price lists or template/formwork creation
A full outline of the Small Business Technology investment Boost and Small Business Skills and Training Boost can be found here.
Boosting Apprenticeship Commencements wage subsidy
The Boosting Apprenticeship Commencements wage subsidy allows any business that engages an Australian Apprentice between 31 March 2022 and 30 June 2022 to be eligible for a subsidy of 50% of the apprentices' gross wages paid.
Capped at a maximum of $7000 per quarter, per eligible apprentice, for wages paid in the 12-month period from the date they start. The subsidy is not available for an apprentice receiving any other form of Australian Government wage subsidy e.g. Supporting Apprentices and Trainees or JobKeeper.
Apply by contacting an Australian Apprenticeship Support Network provider.
For more details, download the Boosting Apprenticeships Commencements Fact Sheet here.
Claim your Tax Incentives
If you have been considering going digital now is the time. The covid-19 pandemic saw a huge shift towards adopting technology, especially in the trades sector. The benefits of implementing technology into your business are huge, improved professionalism, communication and visibility across your business and profits. The expectations of your customers are also evolving. Cloud software can help meet their demands with a high level of professionalism, attract new employees as a forward-thinking, progressive business and help you cut down on time spent after hours doing admin work.
Take advantage of the tax incentives announced in Australia’s Federal Budget for 2022-23 and save yourself some money while making the important move to digital and future-proofing your business.
To chat with TradiePad about how we can help, simply book an obligation-free 15-minute call here or via the button below. We've already helped over a thousand Australian trade businesses find the right technology and software to run their business and can't wait to help you too!
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