Tax Deductions for Education Expenses

Do you work and incur Self Education Expenses?

Many college and university students do not realise that they can claim a tax deduction for their self education expenses

These are the costs that you incur to undertake a work related course at a college or university or other recognised place of education.

The course you undertake, for the costs to be tax deductible, must have a sufficient connection with your current employment.

That is, it must:

  • maintain or improve your specific skills or knowledge for you to perform your current role, or
  • results in a promotion or additional income from your current employer.

Assuming you meet the above criteria you can claim a tax deduction for each of the following expenses;

  • if you are required to be away from your home for one or more nights you can claim accommodation and meals
  • your computer expenses, including the interest on a computer loan
  • photocopying and stationery expenses
  • student union fees
  • text book and professional journals
  • tuition fees
  • home office expenses, being 45¢/hour for usage of your office. This is a tax allowance for the cost of heating, cooling and lighting your room while you are studying.

Should you have any questions with regard to self education expenses, please feel free to contact Peter Quinn by submitting an enquiry or calling us on +61 2 9580 9166.

The information in this document does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it.  It is important that your personal circumstances are taken into account before making any financial decision and it is recommended that you seek assistance from your financial adviser.