Professional development is integral to most, if not all, workplaces and many of our clients have programs in place that mean team members can access additional training courses throughout the year. It means upskilling the workforce which can only mean good things for the economy! The ATO is rewarding such leadership with a new Skills and Training Boost. Read on to learn what it is, and if you’re eligible.
It’s an additional 20% tax deduction for small businesses who pay for employees to complete external training courses, delivered by registered training providers. This boost applies to eligible expenditure incurred between 7:30pm AEDT (by legal time in the ACT) 29 March 2022 to 30 June 2024.
On 10 July 2022, ABC Pty Ltd paid $2,000 + GST for employee John to undertake a training course. ABC Pty Ltd is entitled to a tax deduction of $2,000 plus an additional 20% ($400) – bringing the total deductible amount to $2,400.
As always, we’re here to help with any tax related questions you may have. Please get in touch if you require any further help.
Cryptocurrency has fast become a popular investment and payment method in Australia however all too often the decision to purchase doesn’t come hand in hand with the necessary tax knowledge. Here’s everything you need to know about cryptocurrency.
The Australian Taxation Office (ATO) releases information regarding its areas of emphasis for tax returns each year. For 2023, these include rental property deductions, work-related expenses, and capital gains tax.
In 2020 during the COVID-19 pandemic, the government raised the immediate asset write off threshold to $150,000 for small businesses using the simplified depreciation rules then brought in Temporary Full Expensing (TFE), allowing many eligible businesses to claim an immediate deduction for depreciable assets. This measure was extended to 30 June 2023. After several years of such generous write offs, this is set to come to an end on 30 June 2023.
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