27 Jun Can I Claim The Cost Of A VET Qualification As A Tax Deduction?
As the financial year draws to an end we invariably get this question asked every single day.
First up we would like to state, we are not Accountants and cannot provide professional advice on this matter but research and experience shows us you MAY be able to claim the cost. The ATO states:
You can claim a deduction for self-education expenses if the education relates to your employment activities.
Self-education expenses are the costs you incur when you:
- undertake courses at an educational institution (whether or not the courses lead to a formal qualification)
- attend work-related conferences or seminars
- do self-paced learning and study tours (whether within Australia or overseas)
Eligibility to claim self-education expenses
You can claim a deduction for a self-education expense if, at the time you incur the expense, it has a sufficient connection to earning income from your employment activities.
Self-education has a sufficient connection to earning your employment income if it either:
- maintains or improves the specific skills or knowledge you require in your employment activities
- results in, or is likely to result in, an increase in your income from your employment activities.
Your employment activities are the duties and tasks expected of you to perform your job and are usually set out in your duty statement.
If you are not sure of the situation given your own circumstances then contact the ATO https://www.ato.gov.au/about-ato/contact-us/. They are experts in their field. To further assist you CLICK HERE to view the PDF entitled ‘Self-education expense’.
Click below to find out more about the course you are interested in:
- Training and Assessment Courses
- Work Health and Safety Courses
- Auditing Courses
- Early Childhood Education and Care Courses
If you are interested in enroling before the end of financial year, CLICK HERE.
Have questions about the courses? Call HBA on 1300 721 503 or email [email protected].
Remember, Sunday the 30th June marks the end of the current financial year