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The International Federation of Accountants has developed a concise resource to guide accounting professionals and...
READ MORESole traders, contractors ‘should qualify for skills and tech boosts’
A bonus 20 per cent tax deduction for spending on technology or training by small business needs changes to the draft legislation to make more effective, according to an IPA submission.
General manager Tony Greco said sole traders, partners in a partnership, and independent contractors were currently excluded from accessing the skills and training boosts and this should change.
As drafted, the legislation makes the bonus deduction only available for spending on external training for the employees of small businesses.
“This condition discriminates against sole traders and individual partners in a partnership, and independent contractors who spend money upskilling themselves and precludes them from being able to claim the bonus deduction,” said Mr Greco.
Read more at Accountants Daily
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