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Are you aware of the incentives available for up-skilling your staff? The scheme is called the Skills and training boost and it offers you a 120% deduction on money spent training your staff. There is also a related scheme called the Small Business Technology Investment Boost that allows the same level of deductions if your business and the expenditure qualify.
If you’re looking to upgrade your business whether it be through staff training or additional tech to support your needs, then read on …
In the 2022-23 budget, the Government announced it will support small businesses looking to up-skill staff by creating a tax incentive.As you’ve already seen, small businesses (with an aggregated annual turnover of less than $50 million) will be able to deduct an additional 20% of expenditure incurred on eligible training courses provided to employees. As it currently stands, the scheme commenced on March 29, 2022 and will be available for claiming against until June 30 2024.
Eligible businesses can continue to deduct expenditure that is ineligible for the bonus deduction under existing tax laws.
There’s currently no “clear” list of eligible training courses, referred only to those that are “registered training courses inAustralia”, but we can help you navigate this as part of your business and taxation planning, so reach out to the Attune team if you would like help assessing your eligibility.
Once again, the budget for 2022-23 included a tax incentive for businesses who are looking to support their digital adoption. This includes(but is not limited too) the addition of portable payment devices, cybersecurity systems or subscriptions to cloud based services. As you think about each of these technical additions, you’ll likely find a place for them in your business if you’re not already using them.
The deduction once again allows businesses to claim an additional 20% of the cost incurred and depreciating assets that are eligible.
Importantly, there is a $100,000 cap on expenditure that applies each qualifying income year, but you’re able to continue to deduct expenditure over $100,000 under existing tax laws.
The Small Business Technology Investment Boost also commenced on March 29 2022 and will be available to access until June 30, 2023.
Once again, there are some specifics around what is eligible as far as expenditure goes, but the Attune team are here to help advise how you can best structure your adoption of tech from a tax perspective.
If you’re looking for tailored strategic advice to help grow your business alongside incentives like these, we’re here to help. Call theAttune team on 1300 866 113 or send us an email to start the conversation.
