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Small Business Tax Deductions

Australian small businesses are now eligible for training related tax deductions.

The Australian Government recently announced the 2022-23 budget which includes support for small businesses through both a Business Technology Boost and a Skills and Training Boost.

Australian based businesses with an annual turnover of less than AUD $50 million will be able to utilise the Skills and Training Boost to deduct an additional 20% of expenses relating to eligible training of employees.

This is certainly a timely boost with the affects of COVID still being felt by many businesses.

For more information, go to the Small Business Technology Investment Boost and Small Business Skills and Training Boost page on the Australian Taxation Office website.

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