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BEN breaking news – Government scraps self-education deduction cap

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.


The above Breaking News Alert was sent to Business Events News subscribers on 06 Nov 13

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