Need to upskill?
On 29 March 2022, as part of the 2022–23 Budget, the then Government announced it will support small business through the following new measures.
Small businesses with an aggregated annual turnover of less than $50 million will be able to deduct an additional 20% of expenditure incurred on eligible training courses provided to employees.
Businesses may continue to deduct expenditure that is ineligible for the bonus deduction in accordance with the existing tax law.
This training boost can be used to provide your employees with the opportunity to enrol in training that will assist with the continual of their professional development and skills. You can enrol your staff in a number of eligible courses (depending on your industry) that will assist in carrying out their duties in the workplace giving your business a strong and successful team.
Training can include:
- Learning on-the-job
- In-house training
- Individual study
- Blended learning (classroom/ on-site and online)
When the skills and training boost applies
This measure will apply to expenditure incurred in the period commencing from 7:30 pm AEDT 29 March 2022 until 30 June 2024.
The bonus deduction (the additional 20%) for expenditure incurred from 30 March 2022 until 30 June 2022 will be included in the following income year, 2022–23.
The bonus deduction for expenditure incurred from 1 July 2022 until 30 June 2024 will be included in the income year in which the expenditure was incurred.
Have any questions?
Book a phone meeting here or contact us using the form below.
– Team BKSP