Last chance to take advantage of this extra tax deduction!
What is it?
An extra deduction above the actual cost of purchase. If you spend $1,000, you can claim $1,200 in your tax return. This lowers your taxable profit, so you pay less tax.
It does not mean a refund from the ATO. Ask your tax agent for assistance.
What is covered?
ATO says: The expenditure must be:
- for the provision of training to employees of your business (non-employee business owners such as sole traders, partners in a partnership or independent contractors are excluded), either in-person in Australia, or online
- charged, directly or indirectly, by a registered external training (RTO) provider that is not you or an associate of yours
- already deductible for your business under taxation law
- incurred within a specified period (between 7:30 pm AEDTor by legal time in the ACT on 29 March 2022 and 30 June 2024).
What should you do?
check the training you’ve paid for, book in some last minute education for you and your team!
All the ATO details are here: https://www.ato.gov.au/Business/Income-and-deductions-for-business/Deductions/Small-business-skills-and-training-boost/?=Redirected_Skillstrainingboost
