Can you claim the small business skills and training boost?

If you’re paying for your employees’ external training you could be eligible to claim the skills and training boost.

Are you a small business with an aggregated annual turnover of less than $50 million? You may be eligible for the small business skills and training boost. The boost would give you an additional 20% bonus tax deduction for eligible expenditure incurred on training new and existing employees.

If eligible, you can claim a deduction on expenditure for external training courses delivered to your employees, either in person in Australia or online. The training must be provided by a registered external training provider.

It’s not too late to invest

Have you been thinking about upskilling your employees? The boost is available until 30 June, so you still have time.

You can’t claim expenditure for training you undertake yourself as a business owner, such as where you are a sole trader, partner in a partnership or independent contractor.

For example, if you’re a gardener operating as a sole trader, and you and your employee begin turf management training, you can’t claim the bonus deduction for the expenditure of training to yourself, but you can claim it for the provision of training to your employee.

Find out more information about what, when and how you can claim the boost.

Remember, our registered tax professional or BAS agent can help you with your tax.

Source: ATO