In March 2022, the Australian Government announced a new Small Business Technology Investment Boost as part of the 2022-2023 Budget. This announcement is designed to assist small businesses (annual turnover <$50 million) to accelerate their adoption of digital platforms – boosting productivity, lowering costs and supporting hybrid/remote workers.
The announcement (which applies from 29 March 2022 to 30 June 2023 – although needs to be finalised as law after the 21 May 2022 election) allows eligible small businesses to claim a ‘bonus’ tax deduction on costs associated with digital platforms, including cloud computing platforms like Tribal Habits.
How does the tax deduction work?
The ‘bonus’ tax deduction is an extra 20% of the cost of expenses on digital platforms – equating to a 120% tax deduction on a Tribal Habits subscription through the eligible period.
For eligible organisations, this is a great opportunity to reduce their costs to access a modern learning platform like Tribal Habits…and then create additional improvements in organisational efficiency through improved training and knowledge sharing.
While the ‘bonus’ tax deduction delivers immediate cost savings to eligible organisations, the dividends from improved learning will payback for organisations for years to come via:
- Reduced training administration costs
- Reduced or eliminated travel and room hire costs for training events
- Faster induction processes leading to more productive new hires
- Reduced errors and improved quality of work by sharing best practices
- Improvements in KPIs of skills based tasks (such as sales or operations)
New annual plan available
To further assist smaller organisations tap into digital platforms, Tribal Habits has also announced a new Annual 5 plan. This plan offers an additional 10% discount over our historical Monthly plans for a minimum commitment of just five monthly active users.
This new plan allows organisations of any size – from just five learners – to tap into a fully featured online learning platform that would typically only be available to enterprise level organisations. Not-For-Profit organisations are also supported by a further 20% discount too!
The combination of this new Annual 5 plan and the announced Small Business Technology Investment Boost gives any Australian organisation the opportunity to improve employee and customer training at a price never before available to smaller organisations.