Claiming Self-Education Expenses On Your Tax Returns Geraldton – A Tax Returns Australia Guide

If you belong to the group of taxpayers who study to advance their current career, you would be pleased to know that the cost of your studies can help you get big tax returns Geraldton breaks when tax season comes.

What are self-education expenses?

The courses provided by training providers, universities, colleges, or schools can be considered as self-education expenses. When you take a course to gain a formal qualification in your current business, trade, or profession – you are eligible for a tax deduction in your tax returns Australia.

You can only claim self-education expenses if the course you studied and your employment are directly connected – and you satisfy one of these conditions:

  1. The course you were taking can help increase your current salary.
  2. You are a trainee and the course you take is part of the traineeship.
  3. The skills and knowledge you have can be improved for your current role.
  4. You want to upgrade your qualifications for your current role.

Deductions from your tax returns Geraldton can include:

  • The depreciation of equipment you used to study
  • Travel expenses
  • Course fees
  • Student union fees
  • Stationary
  • Textbook

You cannot, however, claim self-education expenses from your tax returns Australia if your studies are intended to:

  1. Get a different job
  2. Earn money from a new activity such as running your startup business

If your self-education expenses consists only of stationery, textbooks, travel, and fees – you should know that the first $250 of the total costs will be non-deductible.

But if your claim for deductions.expenses has a total of over $300, these can be tax deductible. Be sure to keep a record of your receipts or other written evidence for your claim. Also, don’t forget to keep your log book or diary up-to-date so you don’t have to panic when tax season arrives.

If you are not sure about how to lodge your tax returns Geraldton this financial year, it would be good to get advice from registered tax accountants.

Finding A Tax Accountant

There are many tax accountants and tax accounting firms in the region of Western Australia that you can trust with your tax returns Australia. ITP Western Australia (WA) Regional, owned and managed by Melissa Simpson, is a good choice. The firm has been serving Australian small business, families, and individuals for over 23 years.

What’s more is that ITP Western Australia (WA) Regional has 7 offices in the WA regions, including: ITP Exmouth, ITP Kalgoorlie, ITP South Hedland, ITP Broome, ITP Kununurra, ITP Geraldton, and ITP Karratha. Contact them and find out how they can assist you.

Comments are closed.