Small businesses with an aggregated annual turnover of less than $50 million may be eligible for the small business skills and training boost. This boost can give you an additional 20% bonus tax deduction for eligible expenditure incurred on training new and existing employees.
Small businesses which are eligible for this boost can claim a deduction on expenditure for external training courses delivered to their employees, either in person in Australia or online. The training must be provided by a registered external training provider.
The boost is available until 30 June 2024, so if you have been thinking about upskilling your employees, now is the time.
Editor: If you would like more information on your businesses eligibility and how to apply, please contact our office.
