Posted on 16 May '13 by , under General News.
The Government announced in last night’s Budget its intention to limit the allowable deduction for self-education expenses by individual taxpayers to $2,000 per annum from 1 July 2014.
The limit will apply to all self-education expenses such as tuition, books, courses, computer equipment as well as travel and accommodation relating to seminars, courses etc. However, the proposal is far reaching and will impact on individuals wanting to improve their professional qualifications. Small businesses can continue to help staff with additional training and skills by offering any courses or tuition as a fringe benefit, which will be exempt from any caps.