Business Events Council of Australia (BECA) has welcomed the Federal Government’s decision to scrap the cap on tax deductions for work-related self-education expenses.
BECA Executive Manager Inge Garofani said Treasurer Joe Hockey’s announcement that the $2,000 cap set to be introduced in July 2015 would be scrapped as was welcome news for the business events industry.
“It is a really positive sign the Federal Government understands the negative impact this cap would have caused not only the business events industry but also many other industries who rely on self-education to maintain their professional status.” Ms Garofani said.
“The business events industry is worth an estimated $24 billion in 2012 and the cap would have impact on all the businesses reliant on the industry for their livelihood and could have had an impact on the ability to reach the 2020 target.”
Ms Garofani said the Scrap the Cap Campaign which lobbied the prior government has paid off. With so many industries affected and coming together to speak with one voice on an important issue facing each of them has made the government listen. BECA was very pleased to be a part of the campaign and congratulates those involved on the positive outcome.
BECA believes this is another way the government is demonstrating their support of the industry along with the move of Tourism into the Trade and Investment Portfolio and the promise of giving the industry greater support to win bids.
“We applaud the government’s approach to business events and we are keen to start working with them to achieve greater success for the industry” Ms Garofani said.