#EveryoneNeedsaPlan: Small Business Skills and Training Boost

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