Experience the new TAFE NSW website... Launch Beta!
Browse hundreds of courses with a wide range of study options from online courses to diploma qualifications, training and full-time education. Learn more
A variety of scholarship opportunities are available for different areas of study, across the state. Learn more
View our news, press releases, videos, announcements and publications about TAFE NSW. Learn more
Most of the things that helped you with your studies or to
do your job well are tax deductible
It's goodbye to the 2012-13 financial year and time to get your tax
affairs in order. Spring is on its way and you can spend a cosy night
or three during winter digging out all the mountains of receipts
you've (hopefully) saved.
What receipts, you say? Well, now is the time to rectify bad habits
if you haven't been filing all tax deductible expenses. Make yourself
a filing system and put all work or study expense receipts into
it religiously. Clear your purse or wallet fortnightly, throw away any
useless receipts and file the tax deductible ones.
Most of the things that helped you with your studies or to do
your job well are tax deductible. Just remember, to claim tax
deductions you must be earning more than the tax-free threshold, which
is currently $18,201 per year. However, even if you've earned less
than this but had tax deducted because you worked a part-year, you're
still entitled to claim the tax back.
Your group certificate from your employer/s or statement of annual
income from Centrelink will give you all the vital information to get
started. Now, read on to see the list of items that you can
potentially count as tax deductible. Consider deducting:
Here's some more good news. If you've borrowed money from a private
financial provider to fund your course fees, the interest you've paid
during the 2012-2013 financial year is tax deductible under
self-education expenses. Consult your lender to calculate the interest
amount you can deduct for 2012-13.
As with all financial matters, you should consult your own registered
financial adviser or the Australian
Taxation Office (ATO) to be sure that this general advice suits
your individual circumstances. The ATO's e-tax facility allows you to
lodge your claim online and guides you through the requirements step
by step. Give this a go if your tax affairs are pretty simple.
This post was originally published on TAFEnow
on 27 June 2013. TAFEnow is an Australia-wide online provider,
operating out of North Coast TAFE, one of the 10 TAFE NSW
Institutes. Enquiries can be directed to tafenow.com.au.