Government scraps cap on self-education expenses

Government scraps cap on self-education expenses Government scraps cap on self-education expensesPosted November 8, 2013, by Josie Chun Federal Treasurer Joe Hockey has confirmed that the government will not proceed with the cap on tax deductions for self-education expenses, as proposed by the former Labor government. This is good news all around for individuals pursuing professional development for their employers and for the greater economy, as general productivity increases as workers skills and education increase. The proposed cap, widely opposed by industry and dubbed a tax on learning when it was first mooted, would have had a significant negative impact on individuals professional development initiatives and discouraged attempts to boost skills and training. General Practice Registrars of Australia chief executive Amit Vohra has said in a statement The $2000 cap on self-education expenses was an ill-conceived and hastily put together tax on learning that had broader impl ications for Australias productivity. With the Australian Workforce Productivity Agency finding that every extra dollar invested in tertiary education expands the economy by $26, any cap on education expenses would have spelled bad news for Australias economic growth. It also would have further dampened Australias chances of meeting its target of having 40 per cent of 25 to 34 year olds attain a bachelor degree or higher by 2025. If Australia is to be an innovative, technology-based knowledge economy that continues to thrive and grow and compete on the international stage, continuous learning is essential. As Peter Anderson, chief executive of the Australian Chamber of Commerce and Industry, says, We need to encourage people to boost their skills and become mora productive in the workplace, and the tax system must play its part in that task. Tax deductibility creates an appropriate shared responsibility, as the outcome supports individuals as well as the economy and broader educat ion policy. What do you think of the governments decision to scrap the cap? Leave a comment and let us know. If you yourself are interested in professional development so you can progress in your career, browse our range of online courses. ResourcesMy first resumeCover letter for my first jobCareer Insider StoriesShelley Lask - Body Positive Health & FitnessInterested in becoming a?Human Resources OfficerGeneral ManagerBusiness ManagerAccountantOffice AdministratorPopular Career Searchesvocational education and training victoriavocational education and training qldvocational education and training coursesvocational educationvocational education and training jobs CoursesBachelor of Social WorkEnquire Online Enquire OnlineCertificate III in Health AdministrationEnquire Online Enquire OnlineBachelor of Criminal JusticeEnquire Online Enquire OnlineCertificate III in Allied Health AssistanceEnquire Online Enquire OnlineJosie ChunRelated ArticlesBrowse moreDream jobsEntrepreneurshipHow To Start Up A Start-upAirbnb started out as a blow-up mattress on the floor, Facebook started up in a college dorm room and Google was born in a garage. We put a spotlight on the wonderful world of start-ups, and show you how to kick-start your own entrepreneurial dream.Beauty TherapyHealthJobs for the healthy, wealthy and wiseOur endless pursuit of health and wellbeing has reached epic proportions, with people pouring unprecedented sums of money into the wellness industry everything from acupuncture to personal training, pedicures and life coaching.Charles Sturt University (CSU)Future trendsSocial Work What Does the Future Hold? We sat down with Charles Sturt University (CSU) social work academics to uncover the changes and challenges society will undergo in the coming decades, and how these changes will affect the role of social work and social workers in the future.