Closing date: Friday 22 January 2021
In the 2020-21 Budget, the Australian Government announced that it would consult on allowing individuals to deduct education and training expenses they incur, where the expense is not related to their current employment. Individuals can currently deduct education or training expenses they incur that are sufficiently related to their current employment, reflecting the general principle in the income tax law that allows deductions for expenses incurred in the course of earning assessable income.
This discussion paper seeks stakeholder views on whether tax arrangements should play a greater role in encouraging Australians to retrain and reskill to support their future employment and career and, if so, how this would best be achieved. The potential changes outlined in this paper have not received Government approval and are not yet law. As a consequence, this paper is merely a guide as to how any potential changes might operate.
Further information here.
Download the discussion paper.
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