The Government is encouraging small businesses across Australia to upskill their employees by introducing the Skills and Training Boost.
“Small and family businesses are at the heart of our economy and local communities.” said the treasurer on the 2022-23 Federal Budget announcement, small businesses (with less than $50 million annual turnover) will get an additional 20% deduction on eligible training courses delivered to their employees by external training providers registered in Australia. This means that for every $100 you spend on training, you can get a $120 tax deduction.
There is no limit on how much spending on training can be deducted by a small business at the bonus rate of 120%, but certain rules apply such as:
- The course must be run by an external training provider (like ATI-Mirage)
- The training provider needs to be registered in Australia (ATI-Mirage is 100% WA owned and operated)
- Training can be provided in-person or online (ATI-Mirage provide both, in-person & online training)
- The tax boost applies for expenditure incurred from 30 March 2022 until 30 June 2024
- In-house and on-the-job training is not eligible, nor is money spent training people who are not employees of the business.
The Skills and Training Tax Boost for small businesses makes it even more attractive for organisations to upskill their staff. This not only aids in productivity but also with attracting new staff and with staff retention, especially important when qualified and experienced staff are in such high demand!
The team at ATI-Mirage have been training West Australians for over 30 years and are delighted to see this financial reward for organisations that prioritise upskilling and training their employees.
ATI-Mirage are the Professional Development and IT training specialists. We have over 100 practical and interactive training courses available at our CBD training centre or online. We provide a 100% quality guarantee and complimentary post training help desk.
Get in touch with our friendly team today to discuss your training requirements. We look forward to working with you to upskill and train your staff until 2024 and beyond.