is intended to be
general in nature and
should not be relied
upon by any person
without seeking advice
concerning their own
circumstances.
Director at William Buck.
Wayne Swan announced that work-related
self-education expenses would be subject
to an annual deduction limit of $2000 per
person, as of 1 July 2014. This proposal was
again outlined as part of the handing down
oftheBudgeton14May2013.
their Continuing Professional Development
(CPD) Hours.
they are allowed to claim, apart from the
$250 threshold that reduces most self-
education deduction claims.
expenses?
deductions relate to costs necessarily
incurred in connection with a `prescribed
course of education' i.e. `a course of
education by a school, college, university or
other place of education, and undertaken
by the taxpayer for the purpose of gaining
qualifications for use in the carrying on of a
profession, business or trade or in the course
of any employment'.
undertaking a university degree or some
other course of education. However, we
that the term `qualifications' is defined
widely so as to include not only degrees and
certificates, but also the attainment of new
skills or accomplishments.
dealing with self-education will continue
with a deductibility limit overlayed, or if the
whole section will be repealed and replaced,
which may include the introduction of new
definitions and concepts.
definition of what comprises self-education
could be broadened to include not only the
attainment of new skills (as per current
legislation), but also the maintenance of
existing skills (i.e. continuing professional
development).
development are not considered to meet the
definition of self-education and, accordingly,
are wholly deductible. However, the
proposed legislation may put this treatment
in jeopardy.
speak to a William Buck advisor.
Visit www.williambuck.com to locate
your nearest office.
next year,