small business skills and training boost

The Federal Government is providing a bonus 20% deduction for small businesses that incur eligible expenditure on external training for their employees to 30 June 2024.

The bonus deduction is calculated as 20 per cent of the amount of expenditure that is both eligible for the bonus deduction and deductible under another taxation law provision.

Eligible expenditure

The bonus deduction will be calculated based on eligible incurred expenditure which meets the following criteria:

• the expenditure must be for training employees, either in-person in Australia, or online
• the expenditure must be charged, directly or indirectly, by a registered training provider and be for training within the scope of the provider’s registration
• the registered training provider must not be the small business or an associate of the small business
• the expenditure must already be deductible under the taxation law
• the expenditure must be incurred within a specified period to 30 June 2024

Article Posted - 5 September 2023