With the return of Mr Rudd as Prime Minister, there is an opportunity to reconsider the short-sightedness of capping self-education expenses at $2,000 heralded by the Government to commence 1 July 2014, according to the Institute of Public Accountants (IPA).   "The IPA is very concerned over the Government's intention to restrict investment in ongoing education and upgrading of one's skills," said IPA chief executive officer, Andrew Conway.

"For the accounting profession the need to keep up to date is paramount and is amongst the highest of all professions.

"There is also a need for some of our members to update their qualifications to meet ongoing eligibility requirements for the new Australian Financial Services License limited licensing regime or the commercial law requirement for Tax Agent Registration.

"Another concern is whether conference expenses will be included as part of self-education and therefore, be subject to the draconian cap of $2,000.

"Current law allows conference expenses to be deducted under the general deductibility rules rather than the proposed self-education regime which already excludes the first $250 of expenditure.

"Further as the mobility of professionals increases within Asia, our young people are having to compete with their counterparts from China in staggering numbers. It is reported that China is producing more than 20 million university graduates every year.

"We are calling on the Government to rethink this policy decision and let common sense prevail," said Mr Conway.