Last reviewed January 2023
The Skills and Training Boost⎘ has been reignited, bringing a 20% bonus tax deduction for external training costs for staff. The bonus deduction is designed to assist you in training and upskilling your employees.
It is available for expenses you incur between 29 March 2022 and 30 June 2024. If you have incurred eligible staff training expenses before 30 June 2022, you will need to wait until your 2022-23 tax return to claim.
To qualify for the bonus deduction, you will need to engage an external training organisation that is registered in Australia to complete the training. The additional deduction is not available for on-the-job or in-house training costs. Below are a few links to some local external training providers in Regional NSW:
Also, the bonus deduction is available for your employees only. Therefore, if you are a sole trader or partner in a partnership, you can only make a tax deduction claim under self-education in your individual return. Your associates and independent contractors are specifically excluded from the bonus deduction.
Training a new employee who requires up-skilling for their new role, for example, would be eligible for the bonus deduction.
This measure was originally announced by the former government in the 2022 Federal Budget. It is expected that it will pass through the parliamentary process and become law. If you have any questions, please call our office. We would be delighted to assist you further.
Stay up to date with the latest insights from the AKW team in our Winter 2026 newsletter. This edition explores the 2026–27 Federal Budget, proposed trust taxation reforms, important changes to client identification requirements, superannuation updates, and practical tax planning considerations. You'll also find an investment market review, a profile of our newest bookkeeping team member, and other timely information to help you make informed financial decisions. Read the full edition.
The April edition of the AKW Wealth Monthly Market & Financial Update is now available, providing timely insights into the Australian economy, investment markets and key financial planning considerations. This month’s edition explores the impact of rising interest rates, increased market volatility and what recent legislative changes could mean for investors and superannuation balances.
Inside this edition:
Australian interest rates rise again as inflation remains persistent
Increased market volatility driven by geopolitical tensions and higher energy prices
Why diversification, income and risk management remain critical for investors
Insights from the latest SPIVA study on active fund manager performance
A quick update on the new Section 296 tax for large superannuation balances
A welcome to Teisha Butt as she joins the AKW team following the merger with Wagga Wealth
As always, our aim is to provide practical, easy-to-understand information to help you stay informed and make confident financial decisions.
A recent article in The Australian titled “AI threat forces super funds to confront massive Canva valuation writedown” raises an important question about how some super funds value their investments. Many Industry Super Funds hold large positions in unlisted assets, including private technology companies, which are typically valued periodically using internal models rather than continuous market pricing. When markets move quickly — such as with the recent disruption to software companies from artificial intelligence — those valuation changes may not immediately appear in reported balances. This raises a key question for investors: do you prefer smoother returns, or transparent market pricing?
Global markets experienced a volatile February as investors navigated a mix of trade uncertainty, technology sector disruption driven by rapid advances in artificial intelligence, and escalating geopolitical tensions in the Middle East. At the same time, Australia’s reporting season delivered a mix of strong and disappointing results, while persistent inflation continues to influence interest rate expectations. In our latest Market Insights update, we explore the key events shaping markets and what investors should be watching in the months ahead.
As we step into the new financial year, this issue brings you timely updates on tax, superannuation, aged care reforms, and investment strategy. You'll also meet our newest Directors, Anthony Davis and Sarah Mandaglio, as we continue to grow and strengthen our team. Whether you're a business owner, investor, or planning for retirement, there’s something in here for everyone.
Let’s make FY2025–26 a confident and informed one.
Understanding your role as a taxpayer is just as important as the work we do as your tax practitioner. At AKW Chartered Accountants, we're committed to transparency, trust, and helping you meet your obligations with confidence.
We've put together a short overview of your responsibilities and what you can expect from us. It's all about working together to keep things accurate, timely, and above board.
Action. Knowledge. Wealth. At AKW, we believe it all starts with having the right information when it’s time to make key decisions. Download the AKW Spring Newsletter to Know more. Do more.
Action. Knowledge. Wealth. At AKW, we believe it all starts with having the right information when it’s time to make key decisions. Download the AKW Christmas Newsletter to Know more. Do more.
The new Financial Year brings in a number of changes to Superannuation. A brief summary of the major elements are listed in this Insight.
A number of housing measures have been introduced in the 2023 Australian federal budget to support social and affordable housing and improve access for home buyers across regional NSW.
