End of financial year – study tax deductions

Friday, June 7, 2019

Tax time has rolled around again and for anyone studying or planning to, it’s worth knowing what study expenses you can claim as deductions at the end of financial year.

The Australian Tax Office makes it clear that you can claim many self-education deductions when you’re a student, as long as the course you are studying:EOFY savings

  • Improves the skills and knowledge required for your current employment
  • Is likely to result in an increase in your income from your current employment (For example, a promotion or pay rise).

Note: Students who apply before June 30 could claim this financial year. Of course, some of your expenses may be this EOFY, while others may pop up in the 2019/2020 financial year.

Study expenses to claim at end of financial year

While studying is certainly an investment in your future, there are some expenses associated with undertaking training. Things like fees, books, internet use, pens and printing are often essential to your coursework, so if you’re eligible make sure you claim them at the end of financial year!

Expenses you might have related to your study that could be claimed as tax deductions include:

  • Your course fees (only if you paid them yourself)
  • Phone calls
  • Textbooks
  • Internet connection and usage
  • Stationery such as planner, highlighters, notebooks and pens
  • Computer consumables including printer cartridges
  • Trade, professional or academic journals

If you’re unsure, it’s always best to check with a tax professional who can advise you on what you can claim based on your individual circumstances.

Apply now and invest in your future

The end of financial year isn’t quite upon us yet, so if you have been thinking about upskilling, there’s no time like the present.

Maximise your career opportunities with a course in aged care at Royal College of Healthcare.

The information above is general information only and does not constitute professional advice. Get in touch with the ATO or a tax professional to learn more about how this information applies to your individual circumstances.

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