With the end of the financial year fast approaching, the question many students are asking is; am I able to claim tax deductions for my studies? In many cases, working adults undertaking self-education are entitled to a number of deductions based on their motives for study. To be able to claim for the expenses, the self-education must relate directly to your current field of work, for example completing an MBA program that you know will be likely to lead to an increase in your employment income. Whilst personal eligibility is something only the Australian Taxation Office (ATO) can advise, you should keep the below four areas in mind when looking to claim tax deductions during your MBA.

Also read: Claiming a deduction for self-education expenses (more…)

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