The Government’s Skills and Training Boost encourages small businesses across Australia to train new staff and upskill existing staff, helping them to be innovative and grow.

Small businesses will be able to claim a bonus 20 per cent deduction for the cost of external training courses delivered to employees in Australia or online, by providers registered in Australia.

This means that for every $100 you spend on training, you can get a $120 tax deduction.

What this means for you?

There is no limit on how much spending on training can be deducted by a small business at the bonus rate of 120 per cent, but certain rules apply such as:

  • The course must be run by an external registered training provider (like Chisholm Institute).
  • Training can be provided in-person or online.
  • The tax boost applies to eligible expenditure incurred from Budget night (29 March 2022) until 30 June 2024.
  • In-house and on-the-job training is not eligible, nor is money spent training people who are not employees of the business.

The Skills and Training Tax Boost for small businesses makes it even more attractive for organisations to upskill their staff and attract new staff.

Get in touch with our team today to discuss your industry training requirements.

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