In a move welcomed by small business, the Australian government is offering a boost to workforce upskilling in the form of an additional 20% tax deduction on external training. Eligible businesses must have an aggregated annual turnover of less than $50 million, with the deduction offered for external training courses delivered to employees by registered training providers, like UTS. The boost applies to eligible expenditure incurred up until 30 June 2024.
In addition to the turnover requirement, the expenditure must be:
- for the provision of training to employees of your business, either in-person in Australia, or online.
- charged, directly or indirectly, by a registered external training 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 AEDT or by legal time in the ACT on 29 March 2022 and 30 June 2024).
Eligible businesses can claim expenditure for the provision of training to one of more employees of their business.
What you can claim
Training expenses can include incidental costs related to the provision of training, provided they are charged by the registered training provider, such as the cost of books or equipment needed for the course. More details about the program can be found here.
If you’re looking to upskill your people to meet new business challenges, why not speak to Plus UTS about how we can co-design a bespoke training program to meet your requirements. Alternatively, take a look at the scheduled short courses and microcredentials available via UTS Open.
