What do you get?
Additional 20% tax deduction.
Who is this for?
Small businesses.
Overview
Small businesses with an aggregated annual turnover of less than $50 million will be allowed an additional 20% tax deduction for external training courses delivered to employees by registered training providers.
The boost applies to eligible expenditure incurred from 7:30 pm AEDT on 29 March 2022 until 30 June 2024.
Not-for-profit organisations:
A taxable not-for profit organisation can claim the boost in their company tax return if they meet the following requirements:
- eligibility (small business with an aggregated annual turnover of less than $50 million), and eligible expenditure
- A taxable not-for-profit is not exempt from income tax. You are required to lodge a tax return each year or notify a return not necessary.
The expenditure must be:
- for the provision of training to employees of your business, either in-person in Australia, or online
- charged, directly or indirectly, by a registered external training provider that is not you or an associate of yours
- already deductible for your business under taxation law
- incurred within a specified period (between 7:30 pm AEDT or by legal time in the ACT on 29 March 2022 and 30 June 2024).
Check if you can apply:
To access the small business skills and training boost, your business needs to be a small business entity. Your aggregated annual turnover must be less than $50 million for the income year in which you incur the expenditure.
