If you are planning on studying to gain skills for your current job, your tuition fees could be tax deductible, meaning you may be entitled to a tax refund if you pay before the end of the financial year: 30th June 2017.
Your course expenses may be deductible in the income year they are paid, if your course is no longer than 12 months. Pay in full before 30th June 2017 and you could make significant savings on your course fees.
A student enrols in a course before 30th June 2017 with fees of $4,500 and decides to pay upfront. By taking advantage of the 20% Pay In Full discount, their course fees become $3,600. If the student is paying a marginal tax rate of 32.5% (excluding Medicare levy), they could be eligible for a tax deduction of $1,170 – this represents a 46% saving on the original course fees.
If your Open Colleges course is longer than 12 months, this may mean your tax deduction could be claimed over 2 or more tax returns.
In many cases, you are required to cover the first $250 of your self-education expense yourself.
1. you (the student) are paying for your Open Colleges course fees
2. you can demonstrate that the expense relates to your current employment
3. you have reduced the deduction claim by the first $250
4. you have written records of payment or a copy of your tax invoice for your course.
For further details and examples, go to this Self-education expenses calculator.
Enrol before 30th June 2017 to take advantage of these savings.
|Search our courses|
For specific information on self-education expenses go to the Australian Taxation Office website.
Enter your details below to receive a free course guide and a consultation with an Education Advisor.