One sweet spot in the Federal Budget was the support for small businesses to upskill their employees through the Skills and Training Boost.
Assuming this measure passes post-election, small businesses (with aggregated annual turnover less than $50 million) will have access to a 20% bonus tax deduction for the cost of external training courses delivered to their employees by providers registered in Australia.
That means that for every $100 you spend on training, you can receive a $120 tax deduction.
There is no limit on how much spending on training courses can be deducted by a small business at the bonus rate of 120%, but the course must be run by an external education provider registered in Australia.
In-house and on-the-job training is not eligible, nor is money spent training people who are not employees of the business.