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Australian businesses are getting set to claim 120% of the costs of their cyber training back thanks to a new skills-boosting tax break from the Australian Government.
The 2022 Federal budget introduced a special 120% tax deduction for cyber training provided by extremal Australian-based providers. So, for every $1 you spend on the platform, eligible companies can claim 100% of that back, plus another 20c on top, provided they buy from an external training provider based in Australia.
The 2022 Budget papers state: “The Government is introducing a skills and training boost to support small businesses to train and up-skill their employees. The boost will apply to eligible expenditure incurred from 29 March 2022 (Budget night) until 30 June 2024.
“Small businesses (with aggregated annual turnover of less than $50 million) will be able to deduct an additional 20 per cent of expenditure incurred on external training courses provided to their employees. The external training courses will need to be provided to employees in Australia or online and delivered by entities registered in Australia.”
Cyberfi is 100% Australian owned, operated and registered in Australia. We are recognised within our industry as an experienced provider of external cyber awareness training. Any company with a turnover of less than $50million per annum can benefit from the deduction whilst improving their cyber security knowledge.
The Australian Tax Office’s website says: “For eligible expenditure incurred from 1 July 2022 until 30 June 2023 you can deduct the entire 120% in your 2022–23 tax return. For eligible expenditure incurred from 1 July 2023 until 30 June 2024 you can deduct the entire 120% in your 2023–24 tax return.”
Go to our Cyberfi platform page right now to learn more about training your business team in cyber awareness and talk to the ATO or your accountant about how you can benefit from the Government’s skills and training boost program.
Find out more here.
Sources:
Federal Government Budget Paper March 2022: https://budget.gov.au/2022-23/content/bp2/index.htm
