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Can I claim self education expenses?
What courses are eligible to claim self-education expenses?
So now you must be thinking, what constitutes eligible self-education expenses? Can I just watch some YouTube videos and record my time in a logbook to claim my deduction? Unfortunately, that’s not how it works. The only courses that are eligible to claim the deductions for are courses which lead to a formal qualification and must:
- Improve or maintain the knowledge required to perform your job.
- Likely to result in an increase in income in your current job.
What self-education expenses can I claim?
There are quite a few things that you can claim a deduction for. Assuming you’ve chosen a course that meets the criteria outlined above; the most common expenses are:
- Computer expenses
- Depreciation for equipment purchased which is over $300
- Equipment under $300
- Internet Costs
- Student Union Fees
- Text Books
- Meals and accommodation (if away from home overnight)
What self-education expenses can’t be claimed
Unfortunately, there are some things that can’t be deducted like the following:
- Repayments towards your HELP loan
- Repayments towards Student Supplement Financial Scheme
- Meals (unless away from home)
Self- education expenses can be broken up into 5 categories, with most being in category ‘A’
Any expenses in category A have a $250 reduction on your deductions. To understand how each category works, please follow the table contents below provided by the ATO.
Check out another recent blog in this category.
Want to know more?