Federal Budget 2022: Tax boost for small businesses
The 2022-23 Federal Budget Announcement included incentives for small businesses to upskill employees by introducing the Skills and Training Boost.
The new Skills and Training Boost, in place until June 30, 2024, aims to help small enterprises train new and existing staff, helping them become more productive and competitive.
There is no limit on how much spending on training courses can be deducted by a small business at the bonus rate of 120%, meaning that for every $100 you spend on training, you can get a $120 tax deduction.
- An external education provider must run the course
- In-house and on-the-job training are not eligible
- The training provider must be registered in Australia
- The courses can be provided in person (only in Australia) or online
- The boost will apply to eligible expenditure incurred from Budget night until 30 June 2024
Work-related training enables employees to do their jobs more effectively, while building a commitment to your organisation, creating a more skilled and dedicated workforce. It can be the difference between achieving your objectives or falling behind the competition.
The downside? Investing in success isn’t free, but is it ever?
With this tax break you can drive productivity, foster a culture of learning and improve employee retention for 20% less. Quick wins like this don’t come around too often.
Take advantage of this deduction and upskill your workforce and enable your business to thrive with our practical, relevant in-house and online training courses developed for the Australian workplace
Now is the time to invest in success… for 20% less.
To find out more, including your eligibility visit: budget.gov.au
Upskill today with Odyssey Training
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