Austudy Students Can Claim Study Expenses Against Tax

Austudy Students Can Claim Study Expenses Against Tax
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A change in tax law means students who received Austudy (or ABSTUDY) allowances can claim study-related expenses against taxable income. The ATO will automatically be factoring in a $550 deduction for students who received those allowances between 2007 and 2010 and who submitted a tax return.

This doesn’t necessarily mean you’ll get money back; if you didn’t have sufficient taxable income in those years to pay tax anyway, then the deduction makes no difference. However, when you’re on a tight study budget, every extra cent is welcome, so students should keep an eye out for a letter from the ATO. (The law is in the process of being changed so this isn’t likely to work for future tax years.) Hit the link for more information.



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