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Self Education Expenses
Save on your education costs as you get ahead in your current occupation or related field studies.
A smart way to get ahead
If you are studying for a qualification related to your existing field of employment, you can salary package the full value of your expenses, such as course fees, books, stationery and student union fees.
A smart way to get ahead
Course fees, stationery, textbooks and student union fees are some of the costs of self-education that you can salary package, if you’re developing your qualifications in your current field of employment.
An extra advantage of salary packaging your self-education expenses is that you can claim all your expenses from the first dollar spent – whereas, if you claim these expenses on your tax return, you’re not permitted to claim the first $250.
What you need to do, and what you should know:
· Pay for your course and expenses and keep the tax invoices as evidence of payment.
· Submit a claim form to us and attach your tax invoices.
· We will arrange for your employer to deduct the amount less GST from your pre-tax salary.
· We will arrange for the full amount including GST to be transferred back to you.
· You thus save the 10% GST as well as the income tax on the amount.
· Depending on the amount, we may be able to spread the deductions over several pay periods to help you out.
How Much Could I Save With Salary Packaging?
Using your pre-tax salary to pay for things allows you to increase your disposable income and pay less tax – often thousands of dollars less each year. There are dozens of items you can potentially salary package, but some depend on your employer and the industry they work in.
It’s all fully approved by the Australian Taxation Office, however it pays to seek specialist clarification from us to ensure you gain everything you’re entitled to, and make the process of setting up your package easy. You can use our calculators for indicative savings, or talk to us today to find out more and the next steps to take towards saving!
Calculate Your Savings
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