Electronics have been a staple of growing businesses since the days of pagers and brick-phones, replaced nowadays with tablets and smartphones. Australian business is swiftly becoming one of the most technology driven and electronically integrated economies in the world.
Adoption of new technology can make or break a business.Seeing the future in Australian business
It is unsurprising that so many forward-thinking businesses are adopting new portable technologies. According to the Australian Communications and Media Authority (ACMA), almost 50 per cent of Australians had used a tablet in the six months to May 2014. This is an enormous uptake and tablets have seen use in everything from payroll solutions to simple web browsing
New South Wales is showing itself as having a forward-thinking populace that rewards innovation and drive towards the future.
New South Wales in particular has never been shy to promote new technology and research, with nominations for the NSW Premier’s Prizes for Science and Engineering opening earlier this year. With prizes in areas ranging from robotics to medicine, New South Wales is showing itself as having a forward-thinking populace that rewards innovation and drive towards the future.
With this in mind, and combined with the benefits that such widespread adoption of new tech has brought, the federal Australian government has included a fringe benefits tax (FBT) exemption for small businesses that provide employees with more than one work-related portable electronic device in the 2015-2016 budget. This now includes devices that perform similar functions.
The current legislation allows for FBT exemptions for more than one device, but only when their functions are dissimilar.
The new legislation
This new legislation is likely in response to the rapid integration of various portable electronic devices, such as tablets and laptops: two devices that are capable of performing similar functions, but are used in substantially different ways.
While still used less often than computers and mobile phones, tablets have established themselves as portable and easy to use alternatives. Over 74 per cent of tablet users used their device for communication, with research and information a close second at 67 per cent.
This new legislation, planned to go live in April next year, is set to encourage even greater adoption of devices in Australian businesses, allowing for on-the-go communication, accounting, research and more.
If you are intending to provide your employees with the latest and greatest technology the world has to offer, be sure to speak to us at DBS accountants to find out how to apply for an FBT tax exemption, or to inquire about any further specialist services we may be able to offer.