I was asked earlier today a question I often hear: Can I claim my TAFE fees as a tax deduction? The answer really depends on your individual situation.
You can claim self-education expenses only if they are directly related to your CURRENT employment (such as a secretary taking a Business Administration certificate).
Typically, the person asking is attending TAFE in order to change careers or get back into the workforce. Unfortunately both of these circumstances would not allow them to claim a deduction for their TAFE fees.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
Christie has written 811 awesome articles for us at Alan Lewis Accountants – BLOG
Twitter: @christielewis | Facebook
{ 2 comments… read them below or add one }
what if person sold his rental peroperty in 2010 which was constructed on the land bought in 1985 and rental property came into existence in 1999
Hi Asmit,
Thanks for your comment. I assume you are wondering about the Capital Gains Tax implications.
Although the land itself may have been purchased pre-CGT (acquired before 20 September 1985), an asset loses it’s pre-CGT status if substantial changes are made to it (such as adding a house onto the vacant land).
You should seek personal advice from a professional to help you work out the cost base, if any exemptions apply, and what the likley capital gain will be.