I have a NSW Govt scholarship that provides reimbursement of fees and other payments in return for two years service after graduation.
What deductions are claimable in regards to this study? Thsi study isnt claimable as a self-education expense. Would textbooks, travel etc. be claimable?
Income tax assessment act 1997
Legal database - View: Principal legislation: SECTION 8-1
From above
"You can deduct from your assessable income any loss or outgoing to the extent that:
(a) it is incurred in gaining or producing your assessable income;
However, you cannot deduct a loss or outgoing under this section to the extent that:
(a) it is a loss or outgoing of capital, or of a capital nature; or
(b) it is a loss or outgoing of a private or domestic nature; or"
As your scholarship is assessable income then you can claim any expenses that meet the above conditions.
This could include textbooks, stationery, travel, home office expenses, student union fees, and so on. Also depreciation on capital items - laptop, office furniture.
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