Is student debt tax deductible?
I’m work in a super market as a part time manager. I also study Human resource management at university.
My studies are paid by government loan (HECS). I was wondering whether I can claim any of that money I pay for the courses, back on the tax I’m paying from my super market job now or can I claim it later when I have a HRM job?
Expenses can only be claimed in the financial year (and circumstances) that the expense was incurred. The Hecs repayments are not tax deductible even if you were working full time in related employment.
[deductability of help-Hecs (voluntary payments)]
http://www.ato.gov.au/individuals/content.asp?doc=/content/76482.htm&page=35&H35
[deductibility of help-Hecs (Compulsory payments)]
http://www.ato.gov.au/individuals/content.asp?doc=/content/76482.htm&page=21&H21
