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Federal Budget 2022: Tax Deduction on Training for Small Businesses

April 19, 2022

Did you know small businesses can claim a 20% Bonus Tax Deduction on Training?

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. The government states more skilled employees will drive productivity gains for small businesses, attract and retain staff in a labour tight market, and support future growth. 
 
As part of the Skills and Training Boost, small businesses (with an annual turnover less than $50 million) will be able to claim a 20% bonus tax deduction for the cost of external training courses delivered to their employees by providers registered in Australia. 
 
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. 
 
Requirements:
  • 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. 

SGS Academy training ensures your workforce is qualified, inducted and assessed in compliance with local legislative and regulatory requirements - before they step onsite. We work with you to deliver off-the-shelf or bespoke courses for relevant to your industry.  

Ensure your teams are prepared and compliant by contacting SGS Academy today. 

To find out more, including your eligibility visit: https://budget.gov.au/

Enhancing people and business with SGS Academy

As the global leader in professional training, we offer worldwide centers of excellence, providing the very best learning and development solutions customised to your exact needs.  We have a proven track record, delivering public, in-house and online courses for the world’s largest companies and government organisations. Plus, with expert trainers that are experienced practitioners in their field, our training moves beyond theory, giving you valuable real-world insights. As a result, you can trust us to provide high-quality consistent training and development at every level of your organisation – anywhere in the world.

Whatever your industry, whatever the subject, contact us to find out how SGS Academy can help you.

 

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