20 December 2010

Deductions for study expenses for full-time students on Youth Allowance

Further to our newsletter of 22 November 2010 in relation to claiming deductions for education expenses against the Youth Allowance, the ATO has advised that, if you are eligible, you are now entitled to a tax deduction for those expenses for the 2007, 2008, 2009 and 2010 income years.

Eligible taxpayers are those who:

• have lodged a tax return for those years
• received Youth Allowance to study full time and declared it on their tax return/s
• did not claim a deduction for these expenses, and
• paid tax

If the above applies, the ATO will be writing to you between 1 March and 30 April 2011 to advise they will be amending your tax assessments for the relevant years to include a deduction of $550 for each year you are eligible.

More information is available on the ATO website at

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This Newsletter, of necessity, has dealt with matters of a technical nature in general terms only. Clients should contact us for detailed information on any of the items in the Newsletter. No responsibility for loss occasioned to any person acting or refraining from acting in reliance upon any material in this Newsletter can be accepted by any member or employee of the firm.

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