The Australian Government has declared its full support for Australian businesses in combatting the growing threat from cyber criminals in the 2022–23 Federal Budget's Technology Investment Boost.
More than 3.6 million businesses with an annual turnover of less than $50 million will be able to claim 120% of the cost of business expenses that support digital adoption, such as portable payment devices, cybersecurity systems or subscriptions to cloud-based services. The boost will cost the government $1.6 billion in tax revenue, and businesses spending up to $100,000 a year would be eligible for the bonus deduction and would be able to claim the tax break on purchases made between 29th March 2022 and 30th June 2023.
The government also unveiled a $9.9 billion cybersecurity package bundled under the name of REDSPICE (Resilience, Effects, Defence, Space, Intelligence, Cyber and Enablers), which was described as "the biggest ever investment in Australia's cyber preparedness" by former Treasurer, Josh Frydenberg.
REDSPICE intends to increase the funding for the Australian Signals Directorate (ASD), doubling its workforce over the next few years. Given the current skill gap in the information security sector, the package will enhance Australia's cybersecurity capabilities.
"Creating 1,900 jobs, more data analysts, computer programmers, and software engineers to boost our capacity to prevent and respond to cyber threats", shared Mr Frydenberg.
Cyberattacks have plagued small businesses for years and have only accelerated during the pandemic. This initiative reflects the government’s support for businesses to become cyber resilient and embrace the digital revolution.
Protecting your business is now even more affordable with Red Piranha and our suite of cybersecurity solutions, thanks to the government's Technology Investment Boost.
Please check with your financial advisor to confirm eligibility for the program.
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