Can you deduct student fees?
Posted 26 July 2012 under
Tax Q&A
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.
This entry was posted in Tax Q&A
and tagged Salary / IRP5, Deductions, Dividends.
Bookmark the permalink.
|
TaxTim says:
23 July 2012 at 13:27
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 Dates and Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.
Make Tax Returns Quick & Easy.
Do Your Tax Return Easily