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Removal of self-education expense threshold
Article published on: 04-08-2022
On 3 August 2022, the Government introduced legislation to remove the self-education expense threshold of $250.
Currently, an individual is only able to deduct self-education expenses greater than $250. The removal of the self-education expense threshold does not affect the types of self-education expenses nor eligibility criteria. Individuals can continue to claim self-education expenses as a deduction if:
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the expense is incurred in gaining or producing assessable income
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the expense is not private, domestic, or capital in nature, and
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the deduction is not prevented by a provision of the ITAA Act 1997.
It is still necessary for the Bill to pass through Parliament and receive Royal Assent. It is proposed to apply from the 2022/23 financial year. | |
