Any win from the Australian Tax Office is a good win in my books.
That’s why every year, about this time, I remind people that obtaining qualifications to match your experience can give you a small win with the ATO.
Yes, you might be eligible for an EOFY Tax saving.
“You can claim a deduction for a self-education expense if, at the time you incur the expense, it has a sufficient connection to earning income from your employment activities.”
The ATO’s words not ours.
That’s right, The Australian Tax Office offers a self-education deduction that you might be able to claim on your tax return if it links back to your employment activities. Like all things tax and the government, definitions and conditions always apply.
What are self-education expenses?
Self-education expenses are the costs you incur when you:
- undertake courses at an educational institution (whether or not the courses lead to a formal qualification)
- undertake courses provided by a professional or industry organisation
- attend work-related conferences or seminars
- do self-paced learning and study tours (whether within Australia or overseas).
If you decide to update your qualifications, make sure you have a chat with your accountant and ask about a self-education deduction on your tax return.
