Claim tax deduction for study expenses relating to investment

[evisional]

I have questions on tax deduction :

I have paid for attending a building and construction course - TAFE so that I can have a better knowledge for the next development project. So, can I claim tax deduction for this course fee as the knowledge from this course will help me to generate the future income in the property investment?

Also I subscribed API magazine. can I claim tax deduction for this?

 

[dan c]

First question - no.

Second - do you have an investment property at present? If so, yes, you could claim.

 

[Terry_w]

I have questions on tax deduction :

I have paid for attending a building and construction course - TAFE so that I can have a better knowledge for the next development project. So, can I claim tax deduction for this course fee as the knowledge from this course will help me to generate the future income in the property investment?

Future income = no

 

[evisional]

Thanks a lot. It makes sense.

 

[Bamboo01]

Hi Terry, what's if we already had a IP and then applied for a studying course, say Building and Construction course or short course like training seminars about property investing can we still claim the expense? Thanks

 

[Terry_w]

Hi Terry, what's if we already had a IP and then applied for a studying course, say Building and Construction course or short course like training seminars about property investing can we still claim the expense? Thanks

probablly not claimable.
seminars generally not claimable, but if related to increasing rental return on existing properties then maybe claimable in full or part.

 

[Bamboo01]

so does it mean if I can prove that the expense for these courses relevant to my current property income; for example, the content of the seminar teach me how to manage the property, increase the rent, renovation to increase value of the property, etc..; then it is legally claimable?

 

[Terry_w]

so does it mean if I can prove that the expense for these courses relevant to my current property income; for example, the content of the seminar teach me how to manage the property, increase the rent, renovation to increase value of the property, etc..; then it is legally claimable?

yes as long as it relates to current income.

 

[Bamboo01]

sure. thanks terry

 

[Scott No Mates]

I have questions on tax deduction :

I have paid for attending a building and construction course - TAFE so that I can have a better knowledge for the next development project.

If you were already employed in the construction industry as a tradie and sought to get a licence - no. If it was part of your cpd course then that's fine.

 

[Paul@PFI]

so does it mean if I can prove that the expense for these courses relevant to my current property income; for example, the content of the seminar teach me how to manage the property, increase the rent, renovation to increase value of the property, etc..; then it is legally claimable?

If it teaches you how its probably not claimable. If it addresses rent - yes. If it addresses renovation to increase profit from selling - no.