Small businesses which are eligible for this boost can claim a deduction on expenditure for external training courses delivered to their employees, either in person in Australia or online. The training must be provided by a registered external training provider.
The boost is available until 30 June 2024, so taxpayers who have been thinking about upskilling their employees still have time to claim it.
Taxpayers cannot claim expenditure for training they undertake themselves as a business owner, such as where they are a sole trader, partner in a partnership or independent contractor.
For example, if a taxpayer is a gardener operating as a sole trader, and they and their employee begin turf management training, the taxpayer cannot claim the bonus deduction for the expenditure for their own training, but they can claim it for the provision of training to their employee.
Taxpayers can refer to Claim the boost on the ATO's website for more information in this regard.
At Trinity Advisory, we specialise in tax accounting, business advisory and coaching services for small businesses located in and around Cairns (116 Mulgrave Road, Parramatta Park QLD 4870) and the Sunshine Coast (2/8 Maroochydore Road, Maroochydore QLD 4558).
Should you need any taxation or accounting advice for your business, including advice on how to claim the small business skills and training boost, get in touch with Trinity Advisory today. Our team of expert Business Accountants, Advisors and Coaches are here to help!
Ref: ATO website, Small Business Newsroom, 15 March 2024