Uncategorized
Last week’s Federal Budget included the announcement of tax breaks for Australia’s small businesses to encourage investment in skills and training.
For every hundred dollars a small business spends on training their employees, they will receive a $120 tax deduction. Under the Skills and Training Boost, small businesses – which employ about 7.8 million Australians – can access a 20% deduction for the cost of external training courses delivered to their employees by providers registered in Australia. This measure applies for training expenditure between 29 March 2022 and 30 June 2024.
Although there is no limit on how much spending on training courses can be deducted by a small business at the bonus rate of 120%, certain rules apply, such as that the course must be run by an external education provider, which needs to be registered in Australia.
In-house and on-the-job training is not eligible. The courses can be provided in person (only in Australia) or online.
You must be logged in to post a comment.