SMBs that adopt Eagle Eye Networks technology are eligible for tax break

Dean Drako, Chief Executive Officer of Eagle Eye Networks

Eagle Eye Networks, a company in cloud video surveillance and AI, announced its cloud video surveillance tech will be eligible for the Technology Investment Boost–a 20% tax deduction for small businesses that invest in digital technologies, including cloud video surveillance.

What is the Technology Investment Boost?

Designed to encourage businesses to embrace the digital revolution by investing in new technologies, the Technology Investment Boost was introduced to Parliament in March. SMBs with less than $50m in revenues can receive a $120 tax deduction for every $100 spent on digital tech–such as cloud computing and cybersecurity–up to an annual cap of $100,000.

Businesses that invest in cloud video surveillance between March 29- June 30, 2022 can claim the expenditure as usual in their 2021–22 tax return, and claim the additional 20% bonus deduction for this period in their tax return. Businesses that invest in cloud video surveillance from July 1-June 30, 2023 can deduct the entire 120% in their tax return.

What are the executive’s thoughts on the initiative?

“This is a tremendous opportunity for SMBs to take advantage of the security, cybersecurity, and business optimization benefits of cloud video surveillance and receive a generous tax break. We want to make it even easier for business leaders to make tech investments today that will pay dividends for years to come,” said Dean Drako, CEO of Eagle Eye Networks.

To learn more about Eagle Eye Networks cloud video surveillance, please contact us here.