In the ever-evolving landscape of business, the growth of your team is as crucial as the expansion of your operations. It’s with great excitement that we share an opportunity that could significantly benefit your business and its most valuable asset – your people.
If your business is invested in enhancing the capabilities of your team through external training, there’s good news on the horizon. The Australian Taxation Office (ATO) has introduced the Small Business Skills and Training Boost, designed to support businesses like yours in nurturing talent and fostering growth.
Businesses with an aggregated annual turnover of less than $50 million may qualify for this initiative. Eligible businesses can enjoy an additional 20% bonus tax deduction on expenditures incurred in training both new and existing employees.
Eligible expenditures include fees for external training courses delivered in person within Australia or online, provided they are conducted by a registered external training provider. This is a fantastic opportunity to upgrade your team’s skills, whether it’s enhancing customer service, mastering new technologies, or any area that supports your business goals.
The clock is ticking, but there’s still a window of opportunity. This boost is available until 30 June, offering a valuable window to invest in your employees’ growth.
Please note, training undertaken by business owners themselves (e.g., sole traders, partners in a partnership, or independent contractors) does not qualify for this deduction. For instance, if you’re operating as a sole trader in gardening, and you undertake turf management training alongside your employee, the cost of your training cannot be claimed. However, the investment in your employee’s training is eligible for the boost.
At Nova Business Services, we believe in the power of development and advancement. If you’ve been contemplating upskilling your team, now is the perfect moment. Not only does this boost represent a tangible saving, but it also signifies an investment in the future of your business and its people.
Interested in exploring how you can maximise this opportunity? Our team is here to assist you with planning, give us a call on 1800 668 225 or reply to this email by clicking here to ask us any questions about anything to do with payroll, business and more.
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