Unlocking the Small Business Skills and Training Boost: Claim Your 20% Bonus Deduction Today!

Introduction to the Small Business Skills and Training Boost

The Small Business Skills and Training Boost is a fantastic opportunity for small businesses to get an additional 20% tax deduction on certain eligible training expenditures for their employees.

This initiative is designed to encourage businesses to invest in their employees' skills and development.

With Aspire Performance Training, a leading Perth registered training provider, businesses can ensure they're getting the best training solutions tailored to their needs.

Understanding Eligibility

To benefit from the training boost, businesses need to meet specific criteria.

• Aggregated Annual Turnover: Your business must have an annual turnover of less than $50 million to qualify.
• Training Expenditure: The expenditure should be for employee training, either in-person in Australia or online. It must be charged by a registered external training provider.
• Timeframe: The eligible expenditure should be incurred between 4:30 pm AWST on 29 March 2022 and 30 June 2024.

Tailored Training Solutions with Aspire: What Qualifies for the Bonus Deduction

• Training Providers: You must use a registered training provider, such as Aspire Performance Training, to qualify. You can verify registration at training.gov.au.
• Incidental Costs: Costs related to training, like books or equipment, are included if charged by the registered provider.
• GST Considerations: If your business is registered for GST and the training isn't GST-free, the bonus deduction is calculated on the GST-exclusive amount.
  

Aspire's unique approach to training, including bespoke courses, executive coaching, and qualification training, aligns perfectly with the bonus deduction's criteria. Their courses, whether nationally accredited qualifications or short courses are designed to fit the individual needs of clients, making them an ideal choice for businesses looking to benefit from the training boost.

The Process: When and How to Claim

• Claiming Period: Generally, you claim a deduction in the year the expenses are incurred. However, there are specific rules for normal, early, or late balancers.
• Delayed Claim Rule: Depending on when you incur the expense, you might have to claim the 20% bonus amount in a later year's tax return.

Why choose Aspire to complete your training:

In the ever-evolving business landscape, continuous learning and development are crucial.

For nearly two decades, Aspire Performance Training has been at the forefront of personalised training experiences. Catering to everyone from entry-level job seekers to executive managers, Aspire has consistently delivered bespoke courses tailored to individual client needs.

With a strong reputation in industries like mining, resources, and real estate, Aspire stands out as a training partner that genuinely cares about participant outcomes.

 With the Small Business Skills and Training Boost and Aspire Performance Training's unparalleled expertise, businesses can ensure they're not only upskilling their workforce but also maximising their financial benefits.

Contact us for more information.

View all our courses available at aspirept.com.au/training

Find out more via the ATO website.