Federal Treasurer reverses proposed cap on self-education expenses.
The government has just confirmed that it will not proceed with the former administration’s proposed cap on tax deductions for work-related self education expenses.
The much-reviled proposal was feared to have a significant impact on the business events sector, because it would have meant that attendance at conferences and professional development events was no longer tax deductible after the first $2,000.
Treasurer Joe Hockey said the contentious cap was “flawed policy” which will now be dropped.
“Of the 174,000 taxpayers affected by Labor’s tax on self-education, 81% earn less than $80,000 a year,” he said.
“These are the people who are trying to invest in their own education to get ahead…it was flawed policy with no motivation other than a simple headline,” he said.
The former Labor government had already deferred the measure until 2015 in the face of strong opposition from a wide range of professional groups and educational institutions.
More information in the next issue of Business Events News.
