Chartered Accountants ANZ (CA ANZ) said the Federal Government’s commitment to legislate tax deductions for small businesses is a big win for those already struggling to retain talent.
Treasurer Dr Jim Chalmers announced the Government’s intention to legislate initiatives that allow businesses with a turnover of up to $50 million the capacity to deduct 120 per cent of expenditure on the training of staff up until 30 June 2024.
Small businesses will also be able to gain a bonus 20 per cent deduction, which will support the uptake of digital technologies until 30 June 2023.
“This is a big win for small business, and I thank the Federal Government for moving swiftly to legislate these tax deductions proposals as it is something, as a profession, we have been advocating for,” said CA ANZ Chief Executive Ainslie van Onselen.
“Small businesses are grappling with the capacity to retain their staff, and this move will give them certainty to invest in their people and to give their staff some clear pathways in their professional development,” Ms van Onselen said.
“This type of investment may differ between a staff member staying with a business or deciding to pursue another opportunity.
“This is a great boost for smaller businesses in the lead up to the Jobs and Skills Summit in Canberra where I will be representing the accounting profession,” Ms van Onselen said.
“At the upcoming Jobs and Skills Summit, I’m looking forward to sharing solutions to address skilled migration, boost domestic skills and education, and increase the workforce participation of women, mature workers and underrepresented groups.”