As another financial year ticks over, we welcome the 2018 financial year as a new opportunity to increase our wealth with a potential tax refund. In this segment we look at the various deductions available to students to increase the likelihood of receiving a tax refund. It can be considered, students have it tough. Balancing work and study can be stressful and leave little time for leisure.
Furthermore, students tend to be at the lower end of the pay-scale in terms of remuneration. Here at Lister Mason, we understand the hardships of students and have put together a guide for students to gain knowledge around the tax deductions they’re entitled to this financial year: We note most of the following deductions are only deductible if your study directly relates to your employment. If it does, here’s what you’ll be able to claim this year:
- Course fees – Note: Only deductible when paid upfront and not within the Government HECS debt program, as that is a loan NOT an expense payment.
- External tuition services – Must be from a registered business.
- Student amenities fees.
- Printing/photocopying and stationery.
- Travel between home and your place of education.
- Travel between your place of work and place of education.
- Parking costs – For example your University/TAFE has paid parking.
- A home Office Expense – The hours per week you study/work from home.
- Internet – A percentage of this used for study/work is tax deductible.
- Purchase of Laptops, tablets, etc – The depreciation on these devices is tax deductible.
This article (written by Steve Ryan) appeared in our July 2o017 newsletter.