The “last stage” of your travel from, say, your home to your training to your place of work, unfortunately doesn’t qualify for a deduction claim. Travel costs made from your home to your training and back or from your work to your training and back, are eligible for a tax deduction. This, however, only applies to travel directly connected to your educational institution. Unless you’re lucky enough to live or work close to your training, you may be able to claim the costs of long drives or commutes to your place of education. Eligible “upgrades” are considered additions made to existing computers to enhance their usability. Though computer upgrades don’t count as “repairs”, they may still be claimed as part of its depreciation. These include interest accumulated on money borrowed to finance the cost of the device, and any costs on repairs. As such, costs due to private means do not count.Īs well as considered an eligible depreciating asset, some computer-related expenses are also tax-deductible. These items must be connected to your study during the financial year, and can only be claimed for usage related to your education. However, for those that cost $300 or less, you may be able to claim a deduction for its full cost. These include laptops, printers, calculators, and any other technical tools or instruments.ĭepreciating assets that cost more than $300 are typically claimed over its lifespan (or decline in value). Students can also claim a deduction for educational assets that lose their value over time. Those ineligible, however, may be used against the “$250 reduction” rule, a factor we’ve further detailed below.Īny expenses partly made for personal use, and partly for work or educational purposes must also be properly apportioned (more on this further below). Travel costs are a bit tricky – journeys directly linked to your place of education can be claimed, while anything otherwise likely won’t qualify. These are just some of the more notable ones, however the ATO has detailed all eligible course expenses on their website for further reference. What self-education expenses are tax-deductible for 2020?Īssets that fall under “general course expenses” include course and tuition fees, equipment repairs, fares, home office costs, internet usage, parking fees, stationary, textbooks, and travel costs. If you do fit the criteria of an eligible student, below are expenses you can claim from your education. For example, those undertaking a fashion photography course while working as a part-time sales assistant will likely not qualify.Īdditionally, if your current course enables you to move from your current work role to a new one, you’re likely not eligible for these tax deductions. However, you are not eligible for deduction if your course is only vaguely connected to your current work activities. Those undertaking a course as part of a traineeship also qualify for deductible tax expenses. shifting from a Bachelor’s qualification to a Masters). Students are also eligible if they’re upgrading their qualifications for their current work role (i.e. Such training must also lead to improved work skills and a likelihood of increased income. First off, are you eligible?īefore claiming your expenses, you must first check your eligibility to do so.Īccording to the ATO, you must be taking a course that leads to a formal qualification, and one that has an adequate connection to your current employment. If you fall under that category, SkillsTalk have outlined the assets you can and can’t claim for your taxes in 2020. “Self-education” refers to any educational courses taken at a school, college, university, or other recognised academic institution. The ATO has outlined specific expenses eligible for a tax reduction, putting your bank account at ease when the new year rolls around. While shelling out for the taxman isn’t the most exciting thought those of us investing in self-education are in luck.
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