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Self Education Cap Lifted

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Good news for all Australians, the government has decided not to proceed with the $2,000 limit on self education expenses as proposed by the Rudd Government.

By encouraging Australians to develop their skill sets and continuing their education, Australia will be more competitive on a global scale and penultimately strengthen our economy.

Self education expense deduction allows us to claim a deduction for educational expenses relating to work as an employee, and must satisfy one of the following in order to be deductible:

-The course must maintain or improve a skill or specific knowledge related to your current role

-The course was likely or leading to a promotion/increase in income in your current role

-Other circumstances existed which established a direct connection between your current role and the course

You may not claim self education expenses if:

-The course only related to you current role in a general manner

-The course will not lead to a promotion/maintaining your skills in your current role but will lead to gaining new employment.

Expenses claimable are as follows:

-Course fees

-Meals and accomodation during during overnight absences to partake in such courses

-Computers (depreciated and apportioned for course use), books, stationary, student fees (unions etc), stationary etal

-Travel expenses (home to course, workplace to course)

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