Assistant Treasurer David Bradbury today released a discussion paper on the reforms to better target education expense deductions, as announced on 13 April 2013. This measure is part of a package to make a down-payment on the Gonski reforms underpinning our National Plan for School Improvement.
This discussion paper outlines the Government's proposed approach to introducing the cap, and works through a range of related issues, such as the effect of the cap on the depreciation of capital assets relating to education, the current $250 no-claim threshold, and personal services income.
The proposed changes in the income tax legislation and fringe benefits tax legislation are also discussed.
The Government values consultation and invites interested parties to view the discussion paper which can be obtained from the Treasury website. Submissions close on 12 July 2013.