HELP deductibility

I’ve been advised by my accountant that I can claim my study expenses as they relate directly to my employment. I’ve already brought some new shoes and looking at a new car because I should get a really big refund; my degree fees alone are $10,000.

While study expenses relating to your work may be deductable, fees that you have funded via accruing a HELP debt are not. The ATO has specific legislation stating this.  If, however, you pay for fees upfront, or have an approved FEE-HELP loan, these may be deductable. Never assume or spend your refund before you get it. And when you think you have big claims, it’s probably best to talk to a professional to make sure you are claiming the correct expenses. For more information on whether you can claim your study expenses and what expenses are deductable contact Affinitas Accounting on (07) 3359 5244 or service@affinitasaccounting.com.au.