Going back to Uni

[Bangers]

I'm planning on going back and doing my MBA. (Master Business Admin). Something I'm been itching to do for a while now. I've been in IT for over 5 yeas, and I love it with no intention of moving but I want to bring the Business/Exec/Company side into it. Where is where I'm interested in the most.

Is it simply a matter of funding the $12,000 a year it's going to cost (part time)? That's a lot of money. ($1000 a month, or, another IP).

Does the Australian government provide any tax privileges/advantages for people in my situation? I know I'll be full-fee paying.

Anyone done a similar thing? How did you justify the dollars? I know in the end it's just another Personal Investment.

Matt

 

[tubs]

I did my MBA just like you, after about 5 years in IT. (Since then my goals have changed, so it was a bit of a waste of time).

I did claim it on my tax, because it was related to getting more pay. The fees/textbooks etc. Even some home office expenses (25% of utilities for the weeks I was actually studying).

 

[wish-ga]

Is the issue that you are not an Australian citizen? Because Aust citizens can do their MBA on HECCS. Though perhaps you are doing it privately. In which case you should ask around and see if it is highly regarded in the real world (don't take the institution's word for it, they have a vested interest in getting your $s).

Call a few top placement agencies and ask if employers they deal with look for candidates with an MBA. It pays to do that sort of research irrespective of where you plan to study.

 

[Bangers]

Is the issue that you are not an Australian citizen? Because Aust citizens can do their MBA on HECCS. Though perhaps you are doing it privately. In which case you should ask around and see if it is highly regarded in the real world (don't take the institution's word for it, they have a vested interest in getting your $s).

Call a few top placement agencies and ask if employers they deal with look for candidates with an MBA. It pays to do that sort of research irrespective of where you plan to study.

I'm an Aus Citizen. I thought because I have already completed a degree fully paid for by HECS (Bach. IT major Software Engineering) I wasn't entitled to HECS again. I'm scheduled to finish paying my HECS debt in the next few months.

For some silly reason I was under the assumption all post-grads were full fee paying? My company reimburses almost $7,000 a year for MBA, so I think I will go full fee paying (I still have to pay up front and reimbursement upon proof of successful completion)

 

[Mooze]

You can get FEE HELP. This is available to all post grad students, and unlike undergrad there is no set up fee.

I'm lucky in that my work pays for my post grad but same as you (no pass no pay) so I'll be using FEE HELP to fund it between when I have to pay and when work pays me.

Speaking of which I better get back to study - exam on Friday

 

[Bargain Hunter]

Bangers,

Yes you can get HECS but when you pay it back there are no tax benefits.

If you pay as you go you can claim the costs off your pre-tax earnings to reduce your taxable income.

Regards

Andrew

 

[MarkB]

Refer to this site - ATO - Claiming Self Education Expenses.

There are certain circumstances where:

Your tuition fees payable under FEE-HELP [are tax deductible] provided there was a direct connection between the course and your work activities at the time you incurred the debt – even if the Australian Government paid your fees for you under FEE–HELP.

Basically, what that says is that if you do an MBA and it has a direct connection to your current employment, then, even if you take out a loan from the government, you can claim the course fees as a tax deduction.

M

 

[Bangers]

Thanks. The deduction plus my work reimbursement makes it alot more management.

Just to clarify, the deduction is inclusive of all fee's? Textbooks, Pens, Paper, Parking etc?

 

[Strannik]

yes
anything you use for study