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.
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2