Welcome to our June monthly newsletter!
The expenses that can be claimed include course and tuition fees, internet and computer costs, stationery and office expenses, textbooks and resources, student union fees and travel costs if travel is required for classes, exams, etc. You would also need to be able to show that the study that is being undertaken maintains or improves the specific skills or knowledge you require in your current employment activities or that it results in or is likely to result in, an increase in your income from your current employment activities.
If you are an employer and choose to pay for your employees to undertake study then that can be claimed as a business expense, however fringe benefits tax would apply if the employee wouldn’t usually be able to claim the costs as a deduction if they were to pay for it themselves. If you are unsure about this and what can be provided for your employees or what can be claimed as self-education expenses then please contact our office.
- Lodge 2020 tax return by this date to avoid failure to lodge on time penalties when lodgement due date is 15 May
- Lodge and pay May 2021 monthly business/instalment activity statement
- Superannuation contributions must be paid by this date to claim a tax deduction for the 2021 financial year
- 2020 tax return must be lodged by this date to continue receiving child care subsidy and family tax benefit payments