Invest in your Team – Australian Small Business Skills and Training Boost

Want to claim 120% tax deduction?

As business owners the cost of ensuring our staff continue to develop and for us to invest in their professional development is a cost that we have absorbed within our business as part of investing in our future prosperity.

With the support of Government programs we can now invest in our people without impacting our bottom line. Take advantage of this new Australian Small Business Skills and Training Boost.

External training courses will need to be provided to employees in Australia or online, and delivered by entities registered in Australia.

How we can help with investing in your staff

First Aid training for your team – Online and with short practical on site

  • First Aid $95 per person
  • CPR $65
  • (min group 4)

Mental First Aid Training

  • Onsite (minimum group of 6 people)
  • Public classes starting in September

Online compliance training – soft courses all online covering compliance – Flat fee $130 per person – can choose up to 10 courses

  • workplace postive culture
  • Sexual harrasment
  • Mental first Aid
  • OHS principles
  • much more

As part of the Australian Small Business Skills and Training Boost, small businesses with an aggregated annual turnover of less than $50 million will be able to claim a 120% tax deduction for expenditure incurred on external training courses provided to employees.

External training courses will need to be provided to employees in Australia or online, and delivered by entities registered in Australia.

That means that for every hundred dollars a small business spends on training their employees, they will get a $120 tax deduction.

This will apply to expenditure incurred in the period commencing from 7:30 pm AEDT 29 March 2022 until 30 June 2024. The bonus deduction (the additional 20%) for expenditure incurred from 30 March 2022 until 30 June 2022 will be included in the following income year, 2022–23.

Link to Government information.

P.S. Now for the disclaimer. Growth Training Group does not provide tax, legal or accounting advice. This information has been shared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Contact us here for more information.