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Deductions for study and job seeking expenses now available
Written on the 7 June 2011 by Australian Taxation Office
A recent high court decision means that you may now be able to claim a tax deduction for study and job seeking expenses. (Commissioner of Taxation v. Anstis - 11 November 2010)
Austudy and ABSTUDY recipients
In the same way the ATO did for Youth allowance recipients who studied, they are now writing to those who had previously lodged income tax returns for eligible Austudy and ABSTUDY clients. The ATO will automatically amend their tax assessments for the 2007, 2008, 2009 and 2010 income tax years to include a tax deduction of $550 for study expenses for each year they are eligible.
Newstart allowance recipients and Youth allowance job seekers
If you are a Newstart allowance recipient or a Youth allowance job seeker, you may be entitled to a deduction for expenses incurred in actively seeking paid work.
Eligible taxpayers are those who:
Eligible taxpayers can claim deductions for the 2011 year when they lodge their tax return.
In the 2011 Budget, the Government announced its intention to change the law to prevent deductions being claimed against all government assistance payments from 1 July 2011.
This includes claims for:
At this time, the legislation has not been introduced into Parliament.
For more information, or to have someone look at your specific situation please do not hesitate to contact us.
Author: Australian Taxation Office