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Posted on April 8, 2022
The Government is supporting small businesses to upskill their employees by introducing the Skills and Training Boost.
Under the Federal Budget 2022-23, small businesses (with aggregated annual turnover less than $50 million) will have access to a 20% bonus tax deduction for the cost of external training courses delivered to their employees by providers registered in Australia.
This means that for every $100 you spend on training, you can get a $120 tax deduction.
There is no limit on how much spending on training courses can be deducted by a small business at the bonus rate of 120%, but certain rules apply:
This boost will apply to eligible expenditure incurred between 29 March 2022 (Budget night) and 30 June 2024.
Get in touch with Allara Learning to discuss your training requirements