Small businesses with an aggregated annual turnover of less than $50 million will be allowed an additional 20% tax deduction for external training courses delivered to employees by registered training providers.
The boost applies to eligible expenditure incurred from 7:30 pm AEDT on 29 March 2022 until 30 June 2024.
Eligibility
To access the small business skills and training boost, your business needs to meet the standard aggregated annual turnover rules (with an increased $50 million threshold).
To claim the deduction the expenditure must be:
* For the provision of training to employees of your business, either in-person in Australia, or online
* Charged, directly or indirectly, by a registered external training provider that is not you or an associate of yours
* Already deductible for your business under taxation law
* Incurred within a specified period (between 7:30 pm AEDT or by legal time in the ACT on 29 March 2022 and 30 June 2024).
Where the training is a component of a larger program or course of training, the enrolment or arrangement relating to the relevant expenditure must be made or entered into at or after 7:30 pm (by legal time in the ACT) on 29 March 2022.
Find out if you are eligible for the Small business technology investment boost.
See the details and criteria at ato.gov.au.