Small businesses will be able to deduct a further 20 percent from the cost of cyber security systems and services, as the federal government tries to accelerate digital adoption and uplift the organisation's cyber security posture.
Under changes announced on Tuesday 29th of March 2022, the government will allow eligible businesses to deduct $120 for every $100 they spend on services that support their digital capability, which could include spending on cyber security uplift.
Under the measure, the government said more than 3.6 million businesses with annual turnover of less than $50 million would be able to claim an additional 20 per cent deduction on costs incurred on business expenses and depreciating assets that support “digital adoption”.
This all comes are as a result of the federal government trying to encourage and accelerate digital adoption and enhance cyber security infrastructure.
This is great news for all Australian’s as it demonstrates the support of the government for a protected digital world in the ever-changing cyber landscape.
It is important you keep all your business, staff and client information secure. If your data is lost or compromised, it can be very difficult, time consuming and costly to recover. As partners of the ACSC (Australian Cyber Security Centre), CISO Online can assist your organisation with enhancing your cyber security posture so that it complies with the government and ACSC recommendations.