Tax tips for students

With students returning to university at this time of year, it is worth considering the tax implications.

Determine whether you need to lodge a tax return. Technically speaking, you are required to lodge one if your taxable income exceeds $6000.

You may be able to claim a tax deduction for the costs of your studies. Refer to our FocusOn - Self-education expenses. If you qualify for self-education expenses, you may be able to claim the travel from home to your place of education and some of the travel to work. You may also be able to claim part of your gas, electricity, phone and internet bills.

If you have more than one job, only claim the “tax-free threshold” from one employer.

Consider making a personal contribution to your superannuation. For low income earners, the Government’s co-contribution scheme is very attractive.

If required, your employer will deduct additional tax to cover your HELP repayment. Consider paying the debt directly to access the 10% bonus.

Read our FocusOn - Top 10 Tax Tips for Students for more information

Published : 12 March 2008