How Training At Tax Time Helps

training tax deduction

How Training At Tax Time Helps

[Updated November 2022]

So we’re into the middle of the year, those New Years resolutions for self-improvement are all but lost and everyone’s hanging out for the next holiday season. But really, it’s never been a better time for you to get into gear and start achieving some career goals with further education than TAX TIME!

Have you been thinking about taking part in some professional development or self-education to boost your skills & experience for your job? There has never a better time to review your career goals and lock in some training, that you may be able to claim on this years’ tax return!

So, here’s a bunch of reasons why tax time is the time for you to start working towards your next qualification…

Ban the mid-year boredom

By registering to begin studying a new qualification, whether it be business, marketing, human resources, or quality auditing or by browsing the endless lists of courses you can do to gain extra skills, you are re-motivating your mind mid-year. With almost all of the public holidays behind us and a large number of sleeps until Christmas, a new lease on life is just what we all need right now. Challenge yourself!

Get a promotion

Is it time that you got that promotion that you so deserve? Employees with transferable, physical qualifications tend to have a better chance of gaining promotions in their current workplace. Those who showcase the desire to grow with the company through learning new skills are invaluable to businesses.

We all know that end of financial year means new budgets and perhaps some sneaky promotions thrown in too. By signing up for courses for your own professional development, you are showing your boss just how keen you are to improve your skills and therefore improve your ability to perform in your current role. Be proactive in promotion season!

The level of qualification that you undertake will depend on your current skills. Asset College can help you determine where you sit and what might be a good stepping stone for your personal circumstances.

Contact us to talk with a Career Advisor who will help you get enrolled and on your way in time to submit your tax return this financial year.

Potentially save thousands of dollars

Further education is expensive and a lot of us are purely studying and completing further training to perfect the skills we need for our current role. We should be rewarded for our dedication towards our job and our devotion to continuous improvement. By picking a study path or qualification that is directly aligned with your current job, you’ll be able to claim the costs of course fees, textbooks and even internet bills!

If you’re a Manager…

Managers and Senior Professionals in the workforce tend to be the most time-poor and therefore focus least on their own professional development. Most think that in order to increase their skills, they’ll have to go back to arduous study and find a way to fit this within their already hectic schedule.

However, Recognition of Prior Learning is a great option for those who have extensive workforce experience and is available across just about every qualification. Here are some of the courses that we recommend leaders in their industry look into through the RPL process:

You can find out your eligibility for RPL right now by completing our FREE skills assessment.

If you’re wanting a career change….

The need to search for new pathways and expansion in our working lives is inevitable. You can however, time your career change needs with the end of financial year to give you a head start when it comes to expenses relating to a change in job direction.

Asset College run FREE information sessions to help students find their ideal career change pathway. These are run at all of our campuses on a weekly basis and will help you to make the right decision, in the shortest period of time.

Remembering to claim

We all start out at the beginning of a new financial year planning to fill a shoe box labelled ‘For Tax Time’ with a whole bunch of receipts, telling ourselves next year we’ll be more prepared. But realistically, it never happens does it? By signing up for training and qualifications now, you certainly won’t forget to put in your claim for self-education this year. And there’s no need for that shoe box either…..

All that being said, the tip is ensuring you know exactly what you can and can’t claim and what Certificates, Diplomas or higher qualifications are eligible under self-education expenses.

Head to the ATO website and use the Self-Education Expenses Calculator to find out what you can claim and start picking your courses today!

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