/ Tax Deduction Information

Self-Education Tax Deduction Information 

How to navigate self-education tax deductions 

Did you know that your course fees and other study-related expenses may be tax deductible?  

The Australian Taxation Office (ATO) allows relevant education expenses to be claimed as deductions on your tax return. The criteria and conditions are specific to the individual and a lot of factors come into play, so you should treat the information on this page as general in nature. 

If you need professional advice, make sure to speak with an Accountant or a registered Tax Agent, or visit the ATO website for more information. 

What can I claim? 

When you complete your tax return, there are certain deductions you may be eligible for.  

You may be able to claim education expenses if the expenses incurred are directly related to your current employment. You can read more about what the ATO has to say about claiming self-education expenses here.  

You may also be eligible to claim other expenses like stationery, textbooks and home office expenses.  

When can I claim? 

The Australian financial year is between 1st July through to 30th June. 

What do I need to do? 

The best place to start is the ATO website. However, to be confident in what you’ll be able to claim, it’s best to book in with an Accountant or Tax Agent, as tax law can be quite complex. These financial professionals charge differing amounts of fees for different services and fees can vary depending on the firm you use.  

One of the most important things you need to do throughout the financial year is to make sure that you record all of the expenses you intend to try and claim, so you must hold on to all your relevant invoices, receipts and records. 

The ATO also has a  self-education expenses calculator, which is a very useful tool you can use to help gauge the deduction you can potentially claim if you’re studying.  

Another useful tool is myDeductions, which can be accessed through the ATO app. This is an easy and simple way for you to keep your expenses and income records all in the one place.  

Thinking of studying with Open Colleges? 

If you’ve been considering studying a course in your related vocation, then be sure to speak with your Accountant, registered Tax Agent, or visit the ATO to see if any of Open Colleges nationally recognised qualifications are eligible for you to claim when you lodge your tax return.  

Helpful articles and tax time tips 

Check out our below EOFY blog articles to help you get organised and save time and money.  

Or maybe you’re interested in a career in finance, or just want to learn more about the world of accounting? We can help you out with that, too.  

Take a look through these articles and see what we can help you out with;

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[T&Cs] This information is for Australian residents only, is general in nature and should not be your only source of information.  Please consult with a registered tax agent for advice specific to your personal and financial circumstances.