Claiming the Small Business Skills & Training Boost

Hello Chasers,

If you are a small business 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 them 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 taxpayers who have been thinking about upskilling their employees still have time to claim it.

Small businesses cannot claim expenditure for training they undertake themselves as a business owner, such as where they are a sole trader, partner in a partnership or independent contractor.

For example, if a taxpayer is a gardener operating as a sole trader, and they and their employees begin turf management training, the taxpayer cannot claim the bonus deduction for the expenditure for their own training, but they can claim it for the provision of training to their employee.

You can refer to Claim the Boost on the ATO’s website or contact our office on 0355612643 for more information.

Have a great day!

Read more of our daily blogs for valuable insights and stay up-to-date with the latest industry news – click here to access the full article on our blog page.

Share This

Related Posts

Featured
4 Min Read

Buying Your First Home in 8 Steps

Hello Chasers, Buying your first home is a massive achievement! But before you jump in and grab the nearest “For Sale” sign, let’s strategise.  Here’s your roadmap to becoming a happy homeowner, complete with info on…
Read Full Article
Featured
4 Min Read

AI Agents

Hello Chasers, The AI (artificial intelligence) revolution is moving at such a rapid pace, that we now have access to super-efficient AI-powered agents! Ever wished you had a super-powered assistant who could answer customer questions, manage…
Read Full Article