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#EveryoneNeedsaPlan: Small Business Skills and Training Boost
Posted by Dean McKinnon
on 12 April 2024
The Federal government has introduced a 20% bonus deduction on eligible training expenditure for small business employees:
- Small business is defined as having an annual turnover of less than $50 million
- Eligible expenditure incurred after 29 March 2022 until 30 June 2024
- Sole Trader, Business Partnership and Independent Contractors not eligible
- Example: training cost $1000 per employee = $1200 total tax deduction [$1000 deduction for the training + $200 bonus deduction]
- You can find the details here
Author:Dean McKinnon
| Tags:Tax |
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