Chartered Accountants welcome support for small business
CHARTERED ACCOUNTANTS ANZ (CA ANZ) said the Federal Government’s commitment to legislate tax deductions for small business was "a big win for those already struggling to retain talent".
Federal Treasurer Jim Chalmers announced the government’s intention to legislate initiatives which allow businesses with a turnover of up to $50 million the capacity to deduct 120 percent of expenditure on training of staff up until June 30, 2024.
Small businesses will also be able to gain a bonus 20 percent deduction which will support the uptake of digital technologies until June 30, 2023.
“This is a big win for small business, and I thank the Federal Government for moving swiftly to legislate these proposals as it is something, as a profession, we have been advocating for,” CA ANZ chief executive Ainslie van Onselen said.
“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 be the difference 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.”
About Chartered Accountants Australia and New Zealand
Chartered Accountants Australia and New Zealand represents more than 131,000 financial professionals, supporting them to make a difference to the businesses, organisations and communities in which they work and live.