Business push for cloud computing to be tax deductible May 3, 2021 â 6.21pm Save Share 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.