Private ruling: Small business technology boost
Date of advice: 14 June 2024
Published: 29 July 2024
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Are you entitled to claim a technology investment boost deduction for installing a specified system under section 328-455 of the Income Tax (Transitional Provisions) Act 1997 (ITTPA 1997)? | A1: Yes. You are a small business entity with an aggregated turnover of less than $50 million and the specified system was purchased and installed between 7:30pm AEDT 29 March 2022 and 30 June 2022. The specified system is an eligible expense that can be claimed under the small business technology investment boost. As you satisfy the criteria you are entitled to claim a technology investment boost deduction equal to 20% of the specified system expenditure, capped at a maximum bonus deduction of $20,000 under section 328-455 of the ITTPA 1997.

Relevant facts and circumstances: You are carrying on a business of a health and wellness clinic with an aggregated turnover of less than $XX million. You provide wellness by using a software that is installed in several computers to produce lights that help with the wellbeing of your customers. You provided detailed description of the System and a photo of how it looks like from your research on the internet. Your installed specified software and computer cost you a specified amount. You incurred this expenditure between 7:30 pm AEDT 29 March 2022 and 30 June 2023. The specified system was installed between 7:30 pm AEDT 29 March 2022 and 30 June 2023 and an upgrade was made during this period.

Relevant legislative provisions: Income Tax (Transitional Provision) Act 1997 section 328-455