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Can I claim study fees on tax?

Can I claim my MBA study fees as a tax deduction? I am an accountant and provide business advice.

If your study is to gain credit points related to your profession, it’s tax deductible.

If you’re doing it to improve your knowledge for your career as a personal choice, but it is related to your business, you could claim all but $250.

There are strict rules when it comes to this and I recommend you go to the ATO website – www.ato.gov.au – for the detailed information.

There you will find the self-education eligibility tool, which will help you work out if you are eligible to claim a deduction for work related self-education expenses on your tax return. There is also a self-education expenses calculator to work out your claim amount.

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

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Published on: Thursday, April 07, 2011

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