11 November 2013
Self-education expenses cap dumped
Photo courtesy of Scrap the Cap.
Treasurer Hockey announced last week the $2000 cap on tax deductions for self-education expenses will be scrapped.
At Wednesday’s press conference, Mr Hockey stated; “81 per cent of people claiming over $2000 in education expenses earn less than $80,000 per year. These are people investing in their own education. It was flawed policy motivated by nothing other than a headline, ….. people should be investing in their own education, that’s how you improve productivity.” ….“given the money raised, the cost to the economy would have been much greater.”
What does this all mean?
- If you are or have been considering pursuing further professional development, you will no longer need to worry about the prospect of an effective 30-54 percent price hike in post graduate education.
- Reduced financial pressure on businesses looking to invest in training and professional development of their workers.
- Continued support to improve your skills to benefit yourself and workplace.
Ultimately, it’s a victory for you to better yourself without any further increase in costs.