Are you entitled to a deduction under section 8-1 of the Income Tax Assessment Act 1997 for the self-education expenses you incurred in studying your Master of Business Administration (MBA) while you were employed?
Yes. You are entitled to claim a deduction for your self-education expenses in the year the expenses were incurred. You have shown that there is sufficient connection between the course of self-education and your current income earning activities and it is accepted the study meets the requirements detailed in Taxation Ruling (TR) 2024/3 Income tax: deductibility of self-education expenses incurred by an individual . This ruling applies for the following periods: Year ended 30 June 20YY The scheme commenced on: 1 July 20YY
In MM 20YY, you started your employment with Employer A as Role A, you continued to be employed by Employer A on a part-time basis from MM 20YY. You provided a list of your responsibilities in your role. In MM 20YY, you enrolled to study a Master of Business Administration (MBA) at the relevant educational institution on a part-time basis. For the 20YY income year, you incurred expenses for XX subjects. You are undertaking the course to improve your expertise in various business disciplines. On DD MM 20YY, due to redundancy, your employment ceased with Employer A. On census dates DD MM 20YY and DD MM 20YY, you incurred the amount of $X each time for tuition and student amenity fees. Totalling $X. You also incurred additional incidental expenses for stationery and printing. You are using FEE HELP Higher Education Loan Program to fund the course. You hope to have the position of Role B by the end of the course. The course is due to be completed in MM 20YY. You have not been reimbursed for the course.
Income Tax Assessment Act 1997 section 8-1