Firstly, if you're studying a course that's related to your job or future career, you may be able to claim some of your education expenses as a tax deduction. This can include the cost of textbooks, course fees, and even transport costs to and from uni. For example, if you're studying to become a vet and you need to buy a stack of textbooks, you could claim these costs as a tax deduction.
Secondly, if you work part-time while you're studying, you may also be able to claim some work-related expenses as a tax deduction. This could include things like the cost of your uniform, equipment you need to do your job, and travel expenses related to work. For example, if you're working as a waiter or waitress and you need to buy a uniform and some special shoes, you could claim these costs on your tax return.
Don't forget to lodge your tax return! Even if you didn't earn much money, it's important to lodge your return so you can get any tax benefits you're entitled to. This could mean getting a tax refund, which is always a nice surprise!
If you're balancing part-time work with your studies, you may be eligible for tax offsets that can significantly boost your tax return. For instance, the full $700 Low-Income Tax Offset is available to anyone earning under $37,000 per year. While a professional tax agent is likely to address this, don't hesitate to inquire if you're uncertain - they're always eager to assist.
Finally, keep all your receipts and records of your income and expenses so you can make sure you're claiming everything you're entitled to. This can include keeping receipts for textbooks, transport costs, work-related expenses, and anything else that relates to your studies.
In conclusion, tax deductions can be a great way to ease the financial burden of being a student. By following these simple tax tips, you could potentially save some money and make your life a little bit easier. Just remember to check with a qualified tax professional if you're not sure what you're entitled to claim.