20 percent tax deduction for external training expenditure
A bonus 20% deduction applies to eligible external training for employees of a business. The eligibility criteria includes:
- The expenditure must be charged by a registered training provider and be within the scope of the provider's registration.
- The registered training provider must not be the entity claiming the additional deduction or an associate of the entity.
- Doesn't apply to the training of sole traders, partners in a partnership and independent contractors.
- Businesses must have a turnover less than $50 million.
- Applies to expenditure incurred between 29 March 2022 and 30 June 2024.
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"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2