14.
No «deduction
» is allowable for self-education expenses if the study, viewed objectively, is designed to enable a taxpayer to get employment, to obtain new employment or to open up a new income-earning activity (whether in business or in the taxpayer's current employment). This includes studies relating to a particular profession, occupation or field of employment in which the taxpayer is not yet engaged. The expenses are incurred at a point too soon to be regarded as incurred in gaining or producing assessable income.
Just wondering how the accountants get around this ATO ruling?
Basically if you resign from one company then complete training whilst unemployed you can not claim any deduction as it is not related to your current employment duties. You are not employed by Tiger until completing such training.
If you paid for your training whilst employed by a company to fly one of the companies larger aircraft it is deductable.
You can only claim against your current income stream, if the training takes place outside the income stream it is no longer deductable.