Small Business Skills and Training Boost
Small Business Skills and Training Boost
In the dynamic world of business, maintaining a skilled workforce is paramount. That's why we're excited to share an opportunity that incentivises your organisation for providing training for your staff. The Small Business Skills and Training Boost is here, and it could be a game-changer for businesses like yours.
What is the Small Business Skills and Training Boost?
In essence, it's a golden opportunity for small businesses with an aggregated annual turnover of less than $50 million to supercharge their workforce through additional tax deductions. Specifically, you can claim an extra 20% tax deduction for external training courses delivered to your employees by a registered training organisation.
Why Does This Matter?
In a rapidly evolving business landscape, upskilling your team is a necessity. Here's why this boost is a game-changer:
- Empower Your Team: Investing in your employees' skills is an investment in the future of your business. With this boost, you can provide them with the training they need to excel in their roles, ultimately driving your company's success.
- Tax Advantages: Who doesn't love a tax break? By taking advantage of this boost, you're not only enhancing your team's capabilities but also enjoying additional tax deductions. It's a win-win situation.
Are You Eligible?
Now, let's get down to the nitty-gritty of eligibility:
- Your business must be a small business entity with an aggregated annual turnover of less than $50 million for the income year in which you incur the expenditure.
- The expenditure must be for the provision of training to your employees, either in-person in Australia or online.
- It should be charged, directly or indirectly, by a registered external training provider that is not you or an associate of yours.
- The expenditure should already be deductible for your business under taxation law.
- It must be incurred within the specified period, which ranges from 7:30 pm AEDT on 29 March 2022 to 30 June 2024.
If your business meets these criteria, you're well on your way to unlocking the benefits of the Small Business Skills and Training Boost.
What Can You Claim?
The bonus deduction is available for expenditure on the provision of training to one or more employees of your business. However, there's one key detail: the training provider must meet certain registration criteria for you to claim this bonus deduction.
For more detailed information and to get started, we recommend visiting the official ATO page dedicated to the Small Business Skills and Training Boost. And of course, speak with your accountant.
Why Choose Blueprint Career Development?
At Blueprint Career Development, we're your partners in progress. We offer full qualifications and individual units in business, hospitality, training and assessment, volunteering, wellness and personal empowerment, all designed to upskill your staff effectively. Our experienced trainers are committed to delivering high-quality training that aligns with your business goals.
Investing in your team's skills is an investment in your business's future success. The Small Business Skills and Training Boost makes this investment even more appealing.
Don't miss out on this incredible opportunity to empower your team and boost your business's potential. Get started today, and let's chart a course for success together.
Your business's success story begins with the right training. Unlock your team's potential with the Small Business Skills and Training Boost.