Calls to scrap the planned cap on self-education expenses

AusBiotech has joined the growing chorus of Australian organisations and individuals who are opposed to the federal government’s plan to cap tax deductible self-education expenses at $2000 per Australian resident per annum.

The implementation of the cap, announced in the May Budget, will mean that any expense incurred for self-education after June 2013 and over $2000 is no longer tax deductible. The impact is expected to be raised costs for potential delegates to attend conferences and to educate themselves, with a flow-on effect on delegate attendance at industry education events and levels of education.

Australia’s Chief Scientist, Professor Ian Chubb, last week weighed into the debate during his National Press Club address, calling for certain nationally critical professions to be exempted from the cap.

More than 60 organisations across a range of fields have formed an alliance and launched the ‘Scrap the Cap’ petition; more than 23,000 signatures have been collected to date. AusBiotech members concerned about the impact the cap will have on professional development and biotechnology industry growth are urged to sign the petition at http://www.scrapthecap.com.au/.