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June 7, 2022

Tax breaks to upskill your company

Upskill your business with new tax deductions for skills and training programs

Small businesses can take advantage of tax deductions for skills, training and technological investment

 Strong training programs are essential for your business to remain competitive and go from strength to strength.

They’re also a key opportunity to invest in your people, helping them develop skills and competencies that they need to thrive in today’s workforce.

The 2022-23 Budget contains new tax deductions to support small businesses to provide external training programs for their employees.

With the end of financial year coming up, it’s a great time to take advantage of this and upskill your business.

Read on to find out more details about how you can give your business a boost.

The Small Business Skills and Training Boost

  • The Small Business Skills and Training Boost enables small businesses to deduct an additional 20% of expenditure incurred on eligible training courses.
  • This means that for every $100 spent on training, small businesses can claim $120 as a tax deduction.
  • The policy is designed to address nationwide skills shortages and support small businesses to adapt to the digital economy.
  • The deduction is available to businesses with an aggregated annual turnover of less than $50 million.
  • Budget documents also specify that it applies to external courses for employees, not in-house or on-the-job training.

Eligible training courses must be delivered:

  • to employees in Australia or online,
  • by entities registered in Australia, and
  • until 30 June 2024.

The Small Business Technology Investment Boost

With the economy increasingly going digital, many businesses are looking to adopt new technologies to carry out key operations and run their business better.

The 2022-23 Budget also announced an additional 20% deduction for small businesses to invest in technology, with a cap of $100,000 on expenditure.

This includes technologies such as

  • portable payment devices,
  • cyber security systems or
  • subscriptions to cloud based services.

Your small business can claim this additional deduction until 30 June 2023.

GRC Solutions understands your training needs

At GRC Solutions, we’re proud to be the external training provider of choice for hundreds of small businesses.

We provide custom and off-the-shelf solutions across a wide range of general and compliance topics:

  • Regulatory compliance requirements
  • Industry code compliance
  • Sector-specific training requirements
  • Behavioural training such as (bullying and harassment, workplace behaviours, unconscious bias)
  • Work, Health and Safety
  • Child protection
  • Fraud awareness and anti-money laundering

If you’re looking to claim the deduction on small business skills and training, check out our course list for a full list of courses.

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