Tax Time!

Did you know that you may be able to claim a tax deduction for your course fees? If you enrol in a course before the 30th of June, and the course is sufficiently related to your employment, you may be able to claim the course and certain related costs as a self-education expense! Isn’t that handy?

Many of us don’t know this, but you may be able to claim certain expenses such as:

  • course fees
  • student services and amenities fees
  • student union fees
  • textbooks and other course resources / materials
  • stationery and postage costs
  • trade, professional, or academic journals
  • travel expenses to and from the course venue
  • internet usage (excluding connection fees)
  • accommodation and meals (only if you are away from home overnight)
  • home office running costs
  • computer consumables and equipment repairs
  • purchase of equipment or technical instruments costing less than $300
  • decline in value for depreciating assets which cost exceeds $300

You will also need to satisfy the following tests to be entitled to a tax deduction:

  • the expense has a relevant connection to your current income earning activity. This means that the course must be relevant or incidental to how you derive your assessable income
  • the self-education program being undertaken enables you to maintain or improve the skills or knowledge necessary to carry out your income earning activity
  • the self-education leads to, or is likely to lead to, an increase in your income from your current income earning activities in the future

How do you know if you are eligible for this deduction?

  • You must be paying for your course fees in full by the 30th of June 2016 to fully claim for this financial year
  • You must be employed at the time of enrolment
  • The course must be sufficiently related to your enrolment
  • The course must be 12 months or less to fully claim this financial year

With the workplace environment being so competitive these days, it certainly helps if you have an edge over your colleagues. What better way than to arm yourself with knowledge? So many workers take advantage of this benefit to up skill, re-educate and re-skill themselves to ensure they remain relevant and maintain an advantage over their colleagues for a promotion. It has been reported in the ABS Survey of Education and Training that a majority of those between the ages of 25-64 who have participated in further training or formal study have done so to gain extra skills, get a different job, to gain a promotion, or to further their career.

June 30 is approaching quickly, so enrol today and keep a copy of your receipt to be able to make a tax deduction! Happy learning!

For more information on claiming a tax deduction for self-education expenses, visit the Australian Tax Office’s website here:

Please note. The information in this blog post is of a general advice only and is not intended to be financial or legal advice. You should obtain your own independent advice in relation to your eligibility for any tax deductions from your accountant or lawyer.

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