Small business skills and training boost ends on 30 June 2024 (May 2024 Tax Update)

Relevant For:

Small business owners and managers looking to maximise tax benefits and invest in employee training.

Key Points:

  • Eligible small businesses can claim an additional 20% tax deduction on training costs for employees.
  • Training must be provided by a registered external provider, not affiliated with the business.
  • Costs must be legitimate business expenses and incurred by 30 June 2024.
  • Excludes sole traders and partners in partnerships from claiming for their own training.

A free Business Academy account is required to continue.