Last week the 2022-23 Federal Budget Announcement included incentives for small businesses to upskills employees, by boosting employees skills for future business growth.
Under the new measures, small businesses will be able to claim a bonus 20 per cent deduction for the cost of external training courses delivered to employees in Australia or online, by providers registered in Australia.
Even better – you do not need to wait until July 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.
This means that for every $100 you spend on upskilling your team with training, you will get a $120 tax deduction!
More skilled employees will drive productivity gains and enhance business growth. The boost will apply from now until 30 June 2024;
To find out more, including all terms and conditions and eligibility on the Australian Government Budget website: www.budget.gov.au