Yahoo!7 Finance - Special Edition
Money Makeovers with Peter Switzer
Your questions answered by an industry expert
Peter Switzer

MBA on tax deduction

Can I claim my MBA study fees as a tax deduction? I am an accountant and provide business advice.

If your study is to gain credit points related to your profession, it's tax deductible. If you're doing it to improve your knowledge for your career as a personal choice, but it is related to your business, you could claim all but $250. There are strict rules when it comes to this and I recommend you go to the ATO website - www.ato.gov.au - for the detailed information.

There you will find the self-education eligibility tool, which will help you work out if you are eligible to claim a deduction for work related self-education expenses on your tax return. There is also as self-education expenses calculator to work out your claim amount.

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