In today’s dynamic job market, lifelong learning is not just a luxury but a necessity. For professionals seeking to stay ahead, self-education is a critical investment.

From the 2024 tax season, ALL eligible deductions for work-related self-education expenses will be claimed at Label D4 — Self-education expenses.

This is a change from prior years, where expenses in relation to formal education courses, seminars, workshops, or conferences connected to work were claimed at D5 — Other work-related expenses.

These must now be included at Label D4 Category A for all 2024 individual income tax returns.

This change does not affect the types of expenses or the amounts that can be claimed, only the label for making the claim.

Broad criteria for claiming a deduction for self-education:

•        The expense must maintain or improve a skill or specific knowledge required for work activities at that time,

OR

•        The expense must lead to, or be likely to lead to, increased income from work activities at that time.

Ref: ATO website, Tax Professionals Newsroom, 24 June 2024

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