Locafy Confirms Australian Customers Eligibility for a $1billion Tax Deduction Incentive
May 06 2022 - 7:40AM
Locafy Limited (NASDAQ: LCFY, LCFYW) (“Locafy” or “the Company”), a
globally recognized software-as-a-service technology company
specializing in local search engine marketing, has confirmed
Australian customers purchasing its local search engine
optimization (SEO) products will be able to claim 120% of the costs
as a tax deduction.
An estimated 3.6 million small businesses with annual turnover
of less than A$50 million will be eligible for the new tax break
announced by the Australian Federal Government.
The deduction is part of a drive to fast-track the digitisation
of small business in Australia which will see every $100 they spend
on eligible technologies such as Locafy’s product, result in a $120
tax deduction.
Locafy CEO & Founder Gavin Burnett said the estimated A$1
billion package, that operates through to June 2023, would act as a
further incentive for businesses looking to lift their online
profile.
“Australia had some of the longest Covid-19 related lockdowns
globally which saw many small businesses forced to swiftly pivot to
providing goods and services online. That made being found online
by local customers critical. We have been seeing a continued focus
and investment from small business in building their online
presence through SEO and this welcome Government incentive can only
further encourage that,” said Mr Burnett.
Locafy Diamond Level Reseller, Paul Teycheney from Buzzlink
Digital said with many small businesses already having accounting
and software packages in place, the opportunity to use the tax
deduction to improve their search results was proving popular.
“I think for many small businesses search is now on the same par
as a laptop or computer – not a nice to have but rather a must
have. Just as accounting software has demystified an often-complex
process for small business in recent years Locafy is making getting
noticed online a far easier and inexpensive process.”
The number of customers using the Locafy platform has more than
doubled in the last five months.
Locafy intends to formally update the market with its full year
financial results to June 30, 2022, in the September quarter.
About Locafy Limited
Founded in 2009, Locafy’s (NASDAQ: LCFY, LCFYW) mission is to
revolutionize the US$700 billion SEO sector. We help businesses and
brands increase search engine relevance and prominence in a
specific proximity using a fast, easy, and automated approach. For
more information, visit www.locafy.com
Safe Harbor Statement
This press release contains “forward-looking statements” that
are subject to substantial risks and uncertainties. All statements,
other than statements of historical fact, contained in this press
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not all forward-looking statements contain these words. Although
the Company believes that the expectations reflected in such
forward-looking statements are reasonable, they do involve
assumptions, risks, and uncertainties, and these expectations may
prove to be incorrect. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The Company's actual results could differ materially
from those anticipated in these forward-looking statements as a
result of a variety of factors, including those discussed in the
Company's periodic reports that are filed with the Securities and
Exchange Commission and available on its website
(http://www.sec.gov). All forward-looking statements attributable
to the Company or persons acting on its behalf are expressly
qualified in their entirety by these factors. Other than as
required under the securities laws, the Company does not assume a
duty to update these forward-looking statements.
Contacts
MediaChris FogartyFMC ChangeT: +61 420 928 924E:
chris@fmcchange.com |
InvestorsLocafy Investor RelationsLocafy LimitedE:
investor@locafy.com |
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