Economy set to receive 25:1 ROI from Australia’s productivity-boosted SMEs
29 Aug 2022
Business management platform MYOB congratulates the Federal Government for today announcing the progression to consultation of the Technology Investment Boost and the Skills and Training Boost for the substantial productivity benefit of Australia’s SMEs.
MYOB modelling shows nearly half a million Australian SMEs have no or very low engagement with digital tools. To digitise this group, which represents one in five of the Australian small business community, would return $25 for every dollar spent on their online progression.
Greg Ellis, CEO for MYOB, says the news this community could soon receive access to two vital digital enhancement opportunities is momentous – not just for small businesses, but for the Australian economy at large.
“As the epicentre of the economy contributing more than half of the nation’s GDP, SMEs will be the ones to blaze the trail to the future recovery and growth of Australia. In a post-pandemic world, do or don’t with digital is no longer a choice. It’s a case of do or die for any business to succeed in our new economic terrain.
“Businesses with meaningful engagement with digital are 50%* more likely to grow revenue. They are 8 times* more likely to create jobs. They are 14 times* more likely to come up with new products or services. Productivity is what Australia needs; making sure every business is a digital business needs to be one of our top priorities.”
The Technology Investment Boost will ensure that for every $100 a SME spends on SaaS-based business tools, they can claim $120 back in their tax rebate at end of financial year. While the Skills and Training Boost is open to any type of training, every SME can upskill their team on digital tools and for every $100 spent, they will receive a $120 tax deduction.
For more information on the Technology Investment Boost and the Skills and Training Boost, please visit here.
* Deloitte Access Economics 2017
For further comment or other information please contact:
Collette Betts, Australian Corporate Affairs Manager, MYOB
MYOB is a leading business platform with a core purpose of helping more businesses in Australia and New Zealand start, survive and succeed. MYOB delivers end-to-end business, financial and accounting solutions direct to businesses employing between 0 and 1000 employees, alongside a network of accountants, bookkeepers and consultants. For more information visit myob.com or follow MYOB on LinkedIn.