MAR001

Hi all,

I've been working since March. Next week I'll have 4 payments on my account. Simultaneously, I'm undertaking a part-time MBA (related to my role) in Sydney and so far I've paid from my pocket around $ 11k in tuition fees and I'm planning to buy a new laptop next week (for studies purposes).

I know I tick all the boxes for claiming my tuition fees and expenses in my tax return and I'm wondering if there is any tax-savvy around who can tell me how much can I expect to be returned and any other comment that may be relevant.

Thanks!!!

Bermudashorts

I would have to question whether your education fees are tax deductible, didn't you start the course before your job anyway? If your employer is insisting on you taking the MBA then why aren't they paying for it?

But anyway, on the premise that your fees are tax deductable then you would gain to the tune of your marginal tax rate. i.e. if your top band is 37pc then your refund would be fees x 37pc.

MAR001

Thanks bermudashorts!

The MBA is by terms/units and when I started my job I was doing the term that I paid for and as far as I know that can be claimed (on top on that another units/terms to date).

Taking an MBA was a personal decision and I don't want corporate attachments at the moment (they don't even know in my work) I also got exceptions from previous education in the UK so it will be faster for me to get the grade.

I couldn't apply for a loan/help from the government as I'm not citizen yet.

Bermudashorts

So if your employer does not even know about it, I can't see how it can be a requirement of your job and thus tax deductable. That would be my reasoning anyway. You already pay domestic tuition fees, so ypu have already had government help.

MAR001

It may not be a requirement but definitely it helps me doing a better job and hopefully to progress within or out my organisation in the future. By default as an MBA is a managerial masters it does apply for any managerial position. Domestic fees do not apply for top australian MBAs.. Same fees for all and it is a lot!

Happy to pay taxes but also happy to claim back any return that I may be entitled to.

pumpkin blossom

When I looked into claiming tax breaks for courses back in 2008 the tax department said for you to be able to claim you HAD to have started your job before the course, or you could claim nothing for the whole course (even if you paid by terms). Good luck, but it looks like you may not be able to claim.

Pomster

best thing is to get a tax accountant to advise you.

Finding ours was the best investment ever- and you can claim the cost of the accountant against next years' tax.

Should cost about 2-300 bucks, and will save you more generally.

The rules around claiming for education are not simple...it is linked to whether you are already in the role which would be beneficial.
Eg you cannot claim for training to become an electrician, but once you are an electrician you can claim for 'improvement' courses.

Alan Collett

http://www.ato.gov.au/individuals/co....htm&page=1&H1

Best regards.