The Australian government plans to cap annual tax deductions for self-education expenses at $2,000, estimating a saving of $514.3 million over the next four years. Industry groups, including Universities Australia, believe this will have a negative impact on professional development and training for all Australians. According to the #ScrapTheCap Alliance, the tax reform is seen as a tax on learning, innovation, aspiration and continuing professional development.
The government believes that the majority of Australians with self-education expenses will not be affected by the change. The #ScrapTheCap Alliance details that the tax is incompatible with achieving a smarter Australia built on a knowledge economy and that regional Australia will be particularly disadvantaged.
Please visit this site for more information on the Australian Government tax reforms.
For further information on the #ScrapTheCap Alliance please visit www.scrapthecap.com.au