14a Toorak Road, South Yarra 3141
(03) 8658 0726

Self Education Cap Lifted

edu
accountadmin
March 30, 2016

Good news for all Australians, the government has decided not to proceed with the $2,000 limit on self education expenses as proposed by the Rudd Government.

By encouraging Australians to develop their skill sets and continuing their education, Australia will be more competitive on a global scale and penultimately strengthen our economy.

Self education expense deduction allows us to claim a deduction for educational expenses relating to work as an employee, and must satisfy one of the following in order to be deductible:

-The course must maintain or improve a skill or specific knowledge related to your current role

-The course was likely or leading to a promotion/increase in income in your current role

-Other circumstances existed which established a direct connection between your current role and the course

You may not claim self education expenses if:

-The course only related to you current role in a general manner

-The course will not lead to a promotion/maintaining your skills in your current role but will lead to gaining new employment.

Expenses claimable are as follows:

-Course fees

-Meals and accomodation during during overnight absences to partake in such courses

-Computers (depreciated and apportioned for course use), books, stationary, student fees (unions etc), stationary etal

-Travel expenses (home to course, workplace to course)

Leave a reply