The Cap Has Been Scrapped (for now)!

The federal government (in a likely pre-election stunt) has decided to defer the proposed $2000 cap on self-education expense tax deductions for 12 months.  Regardless of the reason, this is a victory for common sense, and is pro-education, so I’m very happy about it. As an ACEM trainee, your annual self-education expenses are well above $2000 annually, and as a FACEM, there are ongoing self-education costs that don’t include business class trips for your whole family to a “conference” in the Bahamas.  CME/CPD allowances in many jursidictions been rolled into salaries, (which are taxed), so I for one am quite relieved that our occupation, which prides itself on keeping up to date and ongoing self-education can continue to tax deduct reasonable expenses.

ACEM should be applauded for their submission to the government, but we should not be complacent, as this issue may arise again post-election, so keep an eye on and I’ll keep you posted with any updates.

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