Sunday, 28 July 2013

Tax tips, part 6: work-related self-education expenses

Work-related self-education expenses have featured in the news recently due to the current Labor government’s decision to cap self-education expenses at $2,000 per annum in future years.  If the next Coalition government doesn’t reverse this decision (assuming the Coalition wins government at the next election …), it will make quite legitimate degrees vastly more expensive – e.g., MBAs.  It makes me glad I did my MBA a few years ago!

Work-related self-education expenses get entered into section D4 of your tax return.

What you can claim

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

These expenses relate to courses you undertake to obtain a formal qualification from a school, college, university, or other place of education (attending cushy conferences comes in section D5).