Want to help enhance your career while simultaneously reducing your tax bill? Taking up study that is related to your current vocation is not only a great way to get that promotion that you're after, it can also mean more money back in your pocket after tax!Because you can claim course fees and related expenses back almost immediately, June is one of the most popular months of the year to commence study. It's also a great time to ask your boss whether or not they would consider covering the cost of any professional development as a tax break for the business.
If you’re studying to support your vocation, you can also
claim the following:
It is important to know that this is not available on Government funded courses such as those through HECS or VET FEE HELP, and that you must pay for the course (or materials) yourself in order to legitimately claim these back.
- Purchase of your laptop, PC or table
- Purchase of computer programs needed for studie
- Decline in value for depreciating assets (such as phone and laptop
- Internet fee
- Computer repair
- Purchase of equipment or technical instrument
- Postage, stationery and phone call
- Any travel or expenses related to work experience or volunteer wor
- Trade, professional or academic journal
- Related texts such as magazines, books and textbooks
It is important to know that this is not available on Government funded courses such as those through HECS or VET FEE HELP, and that you must pay for the course (or materials) yourself in order to legitimately claim these back.
The course must also be related to your current vocation or be likely to result in a pay rise or promotion. You cannot claim any form of study that you are completing for personal interest or a change of career.
It is important that you take the time to research whether or not your study would be a legitimate tax claim and we advise that you contact a tax professional if you are unsure. It is also wise to hold onto receipts for any out of pocket expenses so you have evidence to back up your claims.
To improve your tax return and employment outcomes, give us a call on 1300 650 569 during the month of June so we can get you started before tax time!
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