Hi all,
I'm entitled to claim the technology boost with my tax and was hoping someone could help with advice on how to enter the transaction for the Boost amount in MYOB, I understand one part is the expense but what's the other side of the entry?
I'm also not sure if its a pre tax deduction to reduce taxable income or if its a post tax bonus to reduce what you actually pay to the ATO somewhat like the cashflow boost we received in covid time.
Cheers
@ roxmully @ Shella_A
I understand the Technology Boost was for expenditure incurred between 29 March 2022 and 30 June 2023
Thus, by default, the 2024 Tax Returns will not have a box for the Technology Boost.
I did not enter the Technology Boost into MYOB and it was claimed in the 2022 and 2023 Tax Returns.
Duncan
Hi roxmully
The technology investment boost is indeed a great opportunity for businesses to claim additional tax bonuses. However, as for how to enter the transaction for the boost amount in MYOB, it's best to consult with a tax professional or an accountant to ensure it's done correctly. They can guide you, whether it's a pre-tax deduction or a post-tax bonus. Let me know if you have other queries!
Kind regards,
Shella
