Next tax time don’t forget to claim education expenses!
October 30, 2024
Investing in your education can have long-term benefits, but did you know that you may be able to claim some of those costs when filing your tax return? If you’re working and furthering your education to improve your skills or boost your income, you might be eligible to claim a deduction for self-education expenses. Here’s what you need to know about claiming these expenses on your tax return, based on guidance from the Australian Taxation Office (ATO).
Self-education expenses include costs related to courses, seminars, or professional learning that directly relate to your current job. These expenses can range from tuition fees to the depreciation of assets you use for study purposes, such as a computer.
Examples of self-education expenses include:
You can claim self-education expenses if your studies directly relate to your current employment. For example, if you’re enrolled in a course that improves your skills or knowledge for your job or increases your income, you may be eligible for a deduction.
To qualify, the expenses must:
However, you cannot claim self-education expenses if:
Don’t forget to take advantage of the ATOs helpful Self-Education Expenses Calculator
If your self-education expenses meet the eligibility criteria, you can claim deductions for a wide range of costs, including:
Some costs cannot be claimed, such as:
If you use certain assets, like a computer, for both private and work-related study purposes, you need to apportion your claim. For instance, if you use your laptop 80% of the time for study and 20% for personal use, you can only claim 80% of the depreciation as a deduction.
It’s crucial to keep detailed records to support your claims, such as receipts, invoices, and a log of the percentage of time you use assets for study. The ATO may ask to see these records, so it’s important to stay organised.
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