The Federal Government announced its Budget on 29 March 2022.
Among these measures is the new ‘Skills and Training Boost’, which will encourage small businesses to train new staff and upskill existing staff – helping them to be innovative and grow.
This measure means that, as a small business operator, you can now claim an additional deduction of 20% on the cost of external training courses delivered to employees in Australia or online. The training provider must be registered in Australia.
The Technology Investment Boost means that, where there is an annual turnover of less than $50 million, you will be able to claim an extra 20% deduction for the cost of expenses and depreciating assets (up to $100,000 of expenditure per year).
Eligible items include portable payment devices, cyber security systems, and subscriptions to cloud-based services
Other measures in the Budget that will provide assistance include:
- $5.6 million for a dedicated small business unit in the Fair Work Commission, making it easier to meet workplace obligations.
- $8 million for the Australian Small Business and Family Enterprise Ombudsman, giving easier access to expert advice.
- $4.6 million to extend Beyond Blue’s New Access for Small Business Owners program, for better access to mental health support.
- $2.1 million for Financial Counselling Australia’s Small Business Debt Helpline, which provides access to financial advice.
- Reducing the GDP uplift rate for PAYG income tax and GST installments to two percent for 2022-23 for 2.3 million small to medium businesses, sole traders and others who use the instalment amount method.
NEED MORE INFORMATION?
Recently, Akyra published an article about how businesses should approach upskilling their workers.
Following the Federal Budget announcement, if you’re looking to capitalise on the Skills and Training Boost, get in touch with the Akyra team to discuss upskilling and professional development in the workplace.
Please contact Akyra on 07 3204 8830 or book a free 30-minute consultation for an obligation-free conversation
Disclaimer – Reliance on Content
The material distributed is general information only. The information supplied is not intended to be legal or other professional advice, nor should it be relied upon as such. You should seek legal or professional advice in relation to your specific situation.
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https://www.pm.gov.au/media/digital-and-skills-tax-boost-small-businesses#:~:text=Skills%20and%20Training%20Boost,-The%20Government’s%20Skills&text=Small%20businesses%20will%20be%20able,night%20until%2030%20June%202024., https://www.innovationaus.com/budget-2022-small-business-gets-digital-and-skills-boost/, https://www.moretondaily.com.au/news/federal-budget-2022-tax-boost-for-small-businesses