Articles | New Tax Breaks for Civil Contractors Investing in Skil

 

 

 

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New Tax Breaks for Civil Contractors Investing in Skills & Training

The recently released Federal budget has seen the Government provide tax incentives to businesses that invest in Training and Skills.
Described as a temporary tax break, organisations will be able to claim 120% of the training costs provided to their employees.
“Starting tonight, for every hundred dollars small business spends on training their employees, they will get a $120 tax deduction, helping them become more productive and competitive,” Treasurer Josh Frydenberg said during the budget delivery on 29th March.
“This is a positive step forward in helping Civil Contractors take action to solve our underlying skills shortage,” said Lee Gabbett, General Manager of ICI Australia “This training incentive allows contractors to proactively manage their staff, address skills gaps and build a productive work culture”.
Aimed at small to medium businesses, the eligibility criteria to take advantage of this tax break includes:
- Turnover of less than 50 million
- Training is provided by an external party registered in Australia (Online training is included)
The tax incentive is valid until 30th June 2024 and the investment amount will be capped.
ICI Australia recommends discussion with your tax and financial advisors to determine if your organisation qualifies.
For further reading – download the budget documents https://budget.gov.au/2022-23/content/bp2/download/bp2_2022-23.pdf
To stay up to date with training, education and incentives specifically for the Civil Industry, follow our linkedin page

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