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What you need to know about claiming Self-education expenses

    Home ATO matters What you need to know about claiming Self-education expenses
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    What you need to know about claiming Self-education expenses

    By admin | ATO matters, Blog, Tax time / planning | 0 comment | 3 May, 2017 |

    self education expenses - what can I claim

    Have you undertaken studies at an educational institution, attended conferences/seminars or commenced an online learning program this financial year?
    If so, do you know you may be be able to claim self-education expenses in your 2017 tax return?

    Self-education expenses may be tax deductible if there is a direct link between your assessable income and the educational activity and satisfies one of the following:
    •    The course enables you to maintain or improve the skills or knowledge necessary to carry out your current employment
    •    The course leads to, or is likely to lead to, an increase in your income from your current employment activities

    You cannot claim a deduction for self-education expenses if the course enables you to:
    •    Gain new employment
    •    Gain employment in a new field
    •    Open new income earning opportunities in the future
    These are considered by the ATO to be obtained at a point too soon to earning income.

    text booksIf your course is deductible as per above you may be able to claim the following expenses:
    •    Course fees
    •    Textbooks, professional and trade journals
    •    Stationery and postage
    •    Travel – flights, motor vehicle kilometers, parking, accommodation & meals
    •    Electronic items, office equipment & furniture (items above $300 are subject to depreciation)
    •    Telephone & internet
    •    Home running expenses
    Currently, the ATO requires the first $250 of self-education expenses to be non-deductible if your total expenses consist only of textbooks, stationary, fees and travel. If part of your self-education expenses are for personal or other purposes they must be apportioned to an allowable deduction component.

    Expenses you can’t claim
    •    Loan repayments such as Hecs-Help, Fee-Help and SFSS
    •    Home office occupancy expenses such as electricity, gas & water
    •    Meals if you’re not sleeping away from home
    •    Certain travel expenses

    If your total deductions exceed $300 you must keep written evidence to substantiate your claim.

    For more information call Optima Partners at 0862672200 to provide you with tailored advice.

    claims, deductions, self education expenses

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