Business push for cloud computing to be tax deductible
May 3, 2021 â 6.21pm
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Westpac chief executive Peter Kingâs push into cloud computing is setting up a debate over what government should allow businesses to depreciate in order to move faster into the digital economy.
âCloud has a massive role to play in the future,â Mr King said.
Westpac CEO Peter King says cloud computing is essential. Â
Dominic Lorrimer
Capital investment in software, which is considered an intangible asset that can be depreciated, rose to $4.6 billion in the December quarter, up for the third quarter in a row according to the Australian Bureau of Statistics.
Business Council of Australia
New Business Council analysis shows that Australia could be $210 billion better off over the next 20 years if we speed up our shift to a digital economy.
The analysis, completed by EY for the BCA’s digital economy and telecommunications working group, finds with the right approach Australia can fulfil its ambition to be a digital leader by 2030.
“People want easier, more convenient ways of doing business so becoming a leading digital economy is win-win. It makes everyday life easier for consumers and it creates new jobs,” Business Council President Tim Reed said.
“The slow drift away from cash and paper before COVID-19 became a stampede during the pandemic, now we’ve got to build on the momentum to make lives easier and position ourselves for the future.”
Business Council of Australia
“Professor Graeme Samuel’s final report on Australia’s environmental protection laws shows that protecting the environment and major project approvals are not mutually exclusive,” Business Council President Tim Reed said.
“This is a once in a decade opportunity to deliver better environmental outcomes and let businesses do what they do best – create new jobs.
“The Environment Protection and Biodiversity Conservation (EPBC) Act is an outdated handbrake on investment and it isn’t working to protect Australia’s natural environment.
“Significantly, these reforms represent a way forward. We all agree, lifting environmental standards and promoting economic development is a win-win.