I am a manager currently studying for an accredited MBA which is funded entirely by myself because the company I work for does not have a policy of paying for training and development costs. The MBA is directly related to my work as a manager. I am studying part time and working full time. Can I deduct the student fees, textbooks, stationery and registration costs ? These are sizeable amounts.
Unfortunately MBA costs cannot be deducted for income tax purposes. Doing an MBA is seen as a way of improving your income earning ability not as actually earning income. So for tax purposes it is seen as more of a capital investment and despite it being directly related to your employment it does not result in extra income.
I wish I had better news for you, if you could push your employer to pay these costs somehow, they could claim a tax deduction for a portion of the costs.
If you have any further questions, please feel free to ask away.
Get SARS Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.