Tax

Are your 2016/17 education expenses tax deductible?

Published on July 23, 2017 12:01 pm, by

You may be able to claim a deduction for self-education expenses if your study is work-related or if you receive a taxable bonded scholarship.

You can deduct some of your self-education expenses when you undertake a course that leads to a formal qualification, has a sufficient connection to your current employment and:

  • maintains or improves the specific skills or knowledge you require in your current employment, or
  • results in, or is likely to result in, an increase in your income from your current employment

You cannot claim a deduction for a course that does not have a sufficient connection to your current employment even though:

  • it may be generally related to it
  • it enables you to get new employment

Once you have ascertained that you are eligible to claim self-education expenses there are a variety of expenses that you can claim.

Depending on the types of expenses you have incurred you may need to reduce your claim by $250.

MoneyBrilliant can help you track your self-education expenses as well as other tax-deductible expenses so you can claim everything you’re entitled to.

You can get more information on claiming deductions for self-education from the ATO website or your tax adviser.

This summary has been prepared by MoneyBrilliant Pty Ltd (AFSL 492711). The information in this summary is of a factual nature only. We are not suggesting or recommending that you take any particular course of action in relation to any financial product or service. It does not take into account your personal circumstances or objectives. If you need financial advice or taxation advice you should seek advice from a licensed financial adviser or tax agent. You may also be able to access additional information from the websites of the Australian Securities and Investment Commission (ASIC) or the Australian Taxation Office.

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Peter is the CEO of MoneyBrilliant. He has over 20 years experience in banking, insurance and accounting. Peter has three sons, ranging in age from 16 to 3, is a sport and fitness fanatic and a volunteer firefighter. He is passionate about improving people's lives through making financial services more accessible.

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