Technology Investment Boost – Get cyber-aware with Cyberfi and claim 120% tax back.

ATO Website has shared details on the Australian federal government’s Small Business Technology Investment Boost and Small Business Skills and Training Boost – Which is great news for Cyberfi users.  All Cyberfi users are set to claim 120% of the costs of their training back thanks to a new tax break from the Australian Government.

The 2022 Federal budget introduced a special 120% tax deduction for cyber training provided by extremal Australian providers just like Cyberfi. So, for every $1 you spend on the platform, you can claim 100% of that back, plus another 20c on top.

The 2022 Budget papers state: “The Government is introducing a skills and training boost to support small businesses to train and upskill 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 as a experienced provider of external 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.”

Contact the team at Cyberfi to learn more about training your business team in cyber awareness whilst benefiting from the Government’s skills and training boost.

Sources:

  1. Federal Government Budget Paper March 2022: https://budget.gov.au/2022-23/content/bp2/index.htm
  2. ATO Website: https://www.ato.gov.au/General/New-legislation/In-detail/Direct-taxes/Income-tax-for-businesses/Small-Business-Technology-Investment-Boost-and-Small-Business-Skills-and-Training-Boost/