Worx Safety

Bonus 20% Tax Deduction on Worx Inductions - Boost Your Safety Management & Enjoy Tax Benefits!

Bonus 20% Tax Deduction on Worx Inductions - Boost Your Safety Management & Enjoy Tax Benefits!

Great news for small and medium-sized enterprises (SMEs) with less than $50 million turnover! The Australian Government is offering a bonus 20% tax deduction under the 'Technology Investment Boost' incentive for those who sign up for cloud-based software subscriptions, like Worx Inductions.

Worx Inductions is an all-in-one safety management system designed to streamline and digitise your employee and contractor safety management. Take advantage of this tax incentive to improve your safety processes while saving on costs. Here's how the 20% technology boost deduction works:

  • For Worx Induction Software Subscriptions purchased between 29th March 2022 and 30th June 2022, claim the software subscription as usual and the additional 20% bonus deduction in your 2022-23 tax return.
  • For subscriptions purchased from 1st July 2022 to 30th June 2023, claim the entire 120% in your 2022/23 tax return (capped at $100,000 annually).
  • Customers who pay monthly or annually (saving an extra 10%) can be eligible for the bonus deduction in FY 2023 or FY 2024.

Real-life Example:
Protech Solar, a solar panel installation company, enrolled in Worx Inductions to ensure their employees and contractors complete the necessary induction procedures and daily Safe Work Method Statements (SWMS). Here's a breakdown of their tax benefits under the 'Technology Investment Boost' scheme:

  • 12-month Worx Induction Software Subscription: $2,868 ($239 p/month)
  • 'Technology Investment Boost' Tax Benefit: 120% x $2,868 * 25% tax rate = $860.40
  • Protech Solar's tax deduction reduces the net cost of Worx Inductions to $2007.60 for the year, providing access to:
    • Employee & Contractor Management
    • Online Safety Inductions & Training
    • Digital SWMS
    • Site Check-in Access
    • Electronic Forms
    • Asset Register
    • Site Diary Feature
    • Projects Register

Don't miss out on this opportunity to enhance your safety management and save on costs.

Sign up for Worx Inductions today!

*This email is for informational purposes only and does not constitute tax or legal advice. Consult a professional to discuss the tax implications for your specific circumstances.