If you are an Australian small business now is the time to upskill your staff.
This was because the ATO has released the Small business skills and training boost.
This article provides information about how your small Australian business can get 120% of the costs back for training your staff.
ATO Small business skills and training boost
Any company with an annual turnover of less than $50 million can take advantage of this deduction to enhance their staff expertise across a wide range of areas including first aid, sexual harassment awareness training, drug and alcohol training, asbestos awareness training or bullying in the workplace training.
This means that for every dollar you invest in training your staff, until 30 June 2024, you can not only recover the entire amount but also receive an additional 20 cents.- Your small business earns less than 50 million dollars a year
- Your employees are trained in Australia through F2F or online training
- An external training provider trains your staff that is registered on training.gov.au or teqsa.gov.au
- the expenditure is incurred between 7:30 pm AEDT or by legal time in the ACT on 29 March 2022 and 30 June 2024.
You can read more about the ATO Small business skills and training boost on the ATO's website.
More information
Contact our friendly team who can take you through the resources.