Locafy Confirms Australian Customers Eligibility for a $1billion Tax Deduction Incentive

Rhea-AI Summary

Locafy Limited (NASDAQ: LCFY, LCFYW) announced that Australian customers can claim a 120% tax deduction on local SEO products due to a new government initiative. This measure affects an estimated 3.6 million small businesses in Australia, aimed at enhancing their online presence post-COVID-19 lockdowns. The initiative is part of a larger A$1 billion package set to run until June 2023. Locafy’s customer base has reportedly more than doubled in five months, as businesses increasingly prioritize search engine visibility.

Positive

• Australian customers can claim a 120% tax deduction on Locafy’s local SEO products.
• Approximately 3.6 million small businesses in Australia are eligible for this tax break.
• The number of customers using Locafy’s platform has more than doubled in the last five months.

Negative

• None.

• Australian customers purchasing Locafy’s local SEO products able to claim major new tax deduction.
• 3.6 million Australian small medium businesses eligible for the recently announced Australian Federal Government initiative.
• Locafy resellers say search result technology becoming integral part of businesses planning.

PERTH, AUSTRALIA, May 06, 2022 (GLOBE NEWSWIRE) -- 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

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Contacts

Media Chris Fogarty FMC Change T: +61 420 928 924 E: chris@fmcchange.com

Investors Locafy Investor Relations Locafy Limited E: investor@locafy.com

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