Hello,
I am currently studying fulltime and i am wondering are my uni payments tax deductable? Just had that thought as last year i paid 5000 !!!
thanks guys
Stephen
If itis hecs, then no.
No, its not hex….
Hex is basically when you are borrowing money from the gov because you cant afford to pay it yourself. Then you have to
pay it back with pre-tax income (I Beleive) once you start working.In my case i have savings so i just pay the lot as i go. That way i am not paying any interest to the gov.
My question is can i tax deduct these payments?
Anybody Please??
Stephen
All undergraduate education at university (for Aust Residents) is paid via the Higher Education Contribution Scheme (HECS). It is not tax deductible.
You are a full time student, not working in a field related to your studies – it is not deductible.
The course that you are doing qualifies you to gain employment in a new area – it is not deductible.Agree with Scott No Mates,
It's like say you are currently a clerk and go to university to be a geologist. You can not claim since you are currently a clerk so can claim say maybe an accountancy course, but not a geologist course since you are currently not paying tax as a geologist but a clerk.Further to this, by paying your fees in full upfront, you should already be benefiting from a 25% discount.
If you are a full fee paying student, you MAY be able to deduct your fees, but only if it relates to your current income.
Scott No Mates wrote:All undergraduate education at university (for Aust Residents) is paid via the Higher Education Contribution Scheme (HECS).It doesn't have to be HECS. It my be HELP, FEE-help or full-fee paying. It sounds as if this is full-fee paying.
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