254 Training Budget Illustrations & Clip Art - iStock

The release of the 2022 Federal Budget has come with some positive news for businesses around the nation. Significantly, it is a massive boost in Skills and Training for Australian businesses. And here is the positive news for your business: there is no limit on how much spending on training courses can be deducted by a business at the bonus rate of 120%.

HOW IT WORKS

Businesses wanting to skyrocket productivity can now claim “bonus” tax deductions on eligible expenses. Additionally, firms can claim a further 20% on assets like laptops or servers, up to a total of $100,000 expenditure.

Also, proposed improvements to business cashflow, built around changes to Pay-As-You-Go tax calculations, are included in the budget. The federal government has proposed a reduction of the GDP “uplift” rate from 10% to 2%. That is a move it claims will improve the cashflow of around 2.3 million taxpaying businesses.

As always, certain rules do apply. That includes your business’ skills and training course must be run by an external trainer. Additionally, in-house and on-the-job training are not eligible. Neither is money spent training people who are not employees of the business. That said, the courses can be provided in person (only in Australia) or online.

Nail Down Your Employee Training Budget With Our Calculator

click here red button to contact healthy business builder sales and customer service leadership training 1300 833 574

Contact HBB Group today to book your Professional Development Workshop

Here are some areas to get you started on your team’s professional development.

Train and Retain: Why Employee Training Matters - Integrity HR

click here red button to contact healthy business builder sales and customer service leadership training 1300 833 574

Contact HBB Group today to book your Professional Development Workshop

Call the HBB Group 1300 833 574 or email info@healthybusinessbuilder.com.au to discuss which tailored option is best for your business growth.