New incentives for small businesses have been announced in the 2022-23 Australian Federal Budget, encouraging employers to upskill their staff to help support business growth and drive productivity gains.
Highlights
- New 2022-23 incentives for small businesses in Australia to upskill staff.
- Bonus 20% tax deduction for external training costs for businesses under $50M turnover.
- Eligible for a $120 deduction for every $100 spent on training.
- Incentives applicable now until 30 June 2024.
- MiTraining offers tailored face-to-face or online courses for businesses.
Bonus deduction for external training
The Skills and Training Boost is aimed at businesses with an annual turnover of less than $50 million and includes a bonus 20 per cent deduction for the cost of external training courses delivered by an Australian registered training provider.
This means that for every $100 spent on upskilling your team with training, your business will be eligible for a $120 tax deduction.
Even better, you do not need to wait until July 2022 to take advantage of these incentives. If you pay for training courses between now and 30 June 2022 you can claim this additional amount in the current financial year.
The training boost will apply until 30 June 2024 - perfect for staff training.
Build your team's business skills with MiTraining
MiTraining (RTO Code 45183) works with you to determine your organisation’s training requirements and to deliver courses to your employees either face to face or online.
View MiTraining’s full catalogue of qualifications and courses, including a range of business short courses or to talk to our learning advisers about what training would best suit your business, call us on 1300 549 190.
To find out more about the Skills and Training Boost, including all terms and conditions and eligibility, visit the Australian Government Budget website.
