How to claim a bonus 20% tax deduction and make your staff phishing detection experts at the same time!
The Australian budget for 2022 came with an exciting surprise for an estimated 3.6 million small businesses in Australia with a turnover under $50 million, - a tax break which allows them to claim a staggering 120% of the costs of training and new technology as deductions.
According to Australian Federal Treasurer, Josh Frydenberg, this move was made in order to encourage small growing businesses to invest in new technologies. The policy is the Technology Investment Boost.
As far as skills and knowledge go, an organisation is only as strong as its employees, so this bonus tax deduction may give small businesses more incentive to train their employees.
How does it work?
For every $100 a small business spends on training for their employees, they will get a $120 tax deduction. There will, however, be an annual cap of $100,000 on the eligible technology expenditure and the initiative will last until the 30th of June 2023.
What does this mean for cybersecurity training?
Back in February, the Australian Cyber Security Centre alerted all organisations in Australia to start working on improving their cybersecurity infrastructure to protect themselves from upcoming cyber threats.
Today, one of the most common kinds of cyber attacks is phishing. This type of cyber attack involves hackers sending out emails to potential victims, and once the email is opened and the victim interacts with a link or folder included in the email, they could lose credentials and other vital information or get infected with malware.
Phishing emails may seem very simple, but they can devastate organisations, and small to medium-sized businesses are especially vulnerable to them. In some cases, small businesses may not be able to recover from them.
Taking advantage of the Technology Investment Boost can increase your employees knowledge in order to tackle potential threats effectively.
What to look out for in cyber security training;
1. Use an organisation that specialise in cyber security training – ensure that you are leveraging the knowledge of cyber security experts
2. Choose Australian – there is a lot of training out there that focusses on international policy and examples. Australian staff don’t want to hear irrelevant information
3. Relevant and easily understood. Cyber Security can seem like a daunting topic for many. Find a provider who can explain in layman’s terms and not confuse your staff.
Reinforce your organisation's cybersecurity today
Cyber threats are becoming more advanced and harder to detect, making up-to-date cybersecurity training critical for the survival of an organisation in this day and age.
Get in touch with Phriendly Phishing to make sure that your organisation’s employees are always one step ahead of cyber criminals.
If you wish to obtain more meaningful insights and information about this tax scheme, visit the Australian Taxation Office website.