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Edited version of your written advice
Authorisation Number: 1051447710704
Date of advice: 29 October 2018
Ruling
Subject: Self-education expenses
Question
Can you claim self-education expenses for your study?
Answer
Yes
This ruling applies for the following period:
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
You are employed by an organisation.
You are studying at a university.
Your current position description includes a number of responsibilities relating to your course’s listed subjects such as the following:
● Advise on financial implications of strategic management decisions and establishing financial soundness of proposed business growth opportunities.
● Ensure accurate and timely financial reports and forecasts for the whole organisation so as to provide clear insight into its financial condition enabling high quality and effective decision making.
● Ensure that the profits of the organisation are protected through the establishment of effective budgetary controls and expenditure procedures.
● Implement policies and procedures to ensure the security of funds and assets.
● Model business project outcomes and understand financial implications and financial risk.
● Oversee financial policies and procedures for accurate and consistent recording and reporting of all financial matters.
● Interpret, analyse and present financial and related information to facilitate understanding of options to resolve complex problems and take available opportunities.
● Oversee the management and co-ordination of all fiscal reporting activities for the organisation.
● Analyse cash flow, cost controls, and expenses to guide business leaders. Analyse financial statements to pinpoint potential weak areas and provide options or solutions.
● Ensure compliance with local, state and federal budgetary requirements.
● Support the annual budgeting and action planning process.
● Identifying and assessing all risk and preparing plans to mitigate risk.
● Work with the CEO on strategic vision of the organisation.
● Interact with managers to provide consultative support to planning initiatives through financial and management information analyses, reports and recommends.
● Make financial presentations at board and subcommittee meeting and at periodic meeting of various advisory committees.
● Provide departmental periodic reporting and actual financial performance against budget and evaluation of vacancies.
● Create a high performance culture with a strong team focus. Coach, mentor and develop team members.
● Assist with securing new property and negotiate and manage leases.
● Manage the fleet vehicle program.
● Oversee the insurance requirements of the organisation.
● Oversee Accounts Payable/ Accounts Receivable, purchasing and payroll functions.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 8-1
Income Tax Assessment Act 1936 section 82A
Reasons for Decision
Summary
The self-education expenses, including course fees, incurred in undertaking this program are deductible, as it is accepted the study meets the requirements detailed in Taxation Ruling TR 98/9. Further information about self-education expenses can be found by searching ‘QC 31970’ on ato.gov.au.
Limit to the deductibility of self-education expenses
The self-education expenses you can deduct may be subject to a reduction of $250 in accordance with section 82A of the Income Tax Assessment Act 1936. An explanation on how this provision operates is provided at paragraphs 119 to 155 of TR98/9.
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