Does anyone know if the fees for this is tax deductible?
Is it helping you earn an income in your current position?
This. This is the sole test. It must be related to income you are currently earning (not income you might hope to earn one day).
Or setup a company for $500 with ASIC as a director and put it through that company but that is dependent on the company as income generating and profitable to cover the expense.
In theory you can be an Uber driver and do the course and it be tax deductible (because you are considered in business with ABN and collecting GST)
Just being devil's advocate.
Not really sure how you are being devils advocate by suggesting additional circumstances where the training would relate to the current income?
@mskeggs: suggestions open up a lot more compliance responsibilities, lot more chances to get caught for something minor.
Thanks, I think I could back it up.
You either need to be a company director or you have been told/recommended to do it as part of your job or OPD. The ATO explains what is valid self education expenses on their site.
My ex did that course in 2014/15.
You can just do the course or course + exam. Everyone on the course was having it paid for by their employer as part of their OPD or they were already a director and it was being paid for by that company.
Most of the people declined the exam. My ex had 2 tries at the exam and failed both times and she's usually fairly switched on.
Thanks for the insights, helpful to know.
You'll get comprehensive soft and hard copy notes if you do the face to face one (not sure what online's like). I actually have 2 hard copies - a guy 1 block away left out all of his notes/certificates for council clean up. I picked it up with the intention of sharing it with fellow directors who might need it - such as the ones with a lot of domain knowledge but are not across the latest governance issues..
Thanks, good to know, and yes I agree face to face would be advantageous.
Leaving the tax situation aside, why do you want to undertake it?
Are you are company director or are you in senior management reporting to/regularly presenting to a board of directors?
If you do undertake it, I suggest you do the face to face one with other directors/senior managers - you'll learn as much from the course as from the other fellow students. If none are currently scheduled, I'd wait until they resume.
it also appears to be an excellent networking opportunity
Contemplating for one of my parents who has currently sits on a Board. Thanks