During the Australian Federal Governments 2022 – 2023 budget, Treasurer Frydenberg announced a ‘Technology Investment Boost’ to support digital adoption by small businesses. This digital investment boost rewards businesses with an additional 20% tax deduction on digital adoption expenses, resulting in companies being able to deduct 120% of their digital transformation expenses from their taxable revenue.
THE AIM OF THIS TECHNOLOGY INVESTMENT BOOST IS TO ENCOURAGE SMALL BUSINESSES TO EMBRACE THE DIGITAL REVOLUTION.
What this means for you.
For every hundred dollars spent on eligible digital technologies such as portable payment devices, cyber security systems or subscriptions to cloud-based services, businesses will see a $120 tax deduction. This initiative is available immediately for Australian businesses with an aggregated annual turnover of less than $50 million – and is set to last until 30 June 2023^.
Eligible expenditure is capped at $100,000, allowing companies to deduct up to $120,000 from their taxable revenue due to the Technology Investment Boost^.
What does this mean for the civil construction industry?
The Technology Investment Boost means there has never been a better opportunity for civil construction companies to finally streamline their operational processes through the implementation of innovative digital solutions.
If you have been looking to streamline your project reporting processes, improve the quality and accuracy of your project performance data and reduce the time wasted by your employees manually entering daily reports (which is often incorrect, inaccurate or simply missing all together) – then there is no better time to invest in GeoJob’s fully automated project reporting solution.
GeoJob is the first of its kind in the civil construction industry, offering truly automated daily project reports, drastically improving the accuracy and reliability of your company’s project reporting data. Not only is your data quality improved, this automation means your reports are available instantly, anywhere at any time.
Using affordable tracking and IoT devices combined with our powerful proprietary cloud based platform, GeoJob uses real-time tracking to:
- Automatically capture all hours of operation of all project machinery and trucks – including your subcontractors
- Automatically identify the tasks being undertaken and accurately allocate hours against these tasks and their applicable cost codes
- Automate machinery maintenance scheduling
- Automate truck load counts, import and export quantities and loads moved on site
- Reduce theft and damage via live tracking and alerts of movement out of hours
- Alert operators when near dangerous services
- Alert operators if approaching exclusion zones such as environmental sensitive or areas of heritage / cultural significance
- Improve the accuracy and reliability of all data captured when compared to existing manual input methods
- Provide verifiable transparent billable hours shared instantly between sub-contractors and clients
With the cost of construction productivity sky rocketing, can your company afford not to eliminate manual data entry processes?
Be weary of companies offering to digitise your current processes, adding additional forms and applications, leading to more confusion for your employees. Why digitise existing manual processes, when you can automate them.
GeoJob eliminates manual data entry, automates your daily productivity reports and improves the quality and accuracy of your daily project data. There is no other company offering the civil construction industry our level of daily reporting automation.
If your business is ready to automate your existing project reporting processes and capitalise on the Australian Government’s Technology Investment Boost, get in contact with us today.