AICD (Company Directors Course) Tax Deductible?

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  mskeggs on 31/08/2020 - 13:10

  +4

  Is it helping you earn an income in your current position?

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    Seraphin7 on 31/08/2020 - 13:21

    +1

    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).

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      netjock on 31/08/2020 - 13:58

      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.

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        mskeggs on 31/08/2020 - 16:05

        Not really sure how you are being devils advocate by suggesting additional circumstances where the training would relate to the current income?

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          netjock on 31/08/2020 - 16:40

          @mskeggs: suggestions open up a lot more compliance responsibilities, lot more chances to get caught for something minor.

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      CheaperCharlie on 31/08/2020 - 15:42

      Thanks, I think I could back it up.

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  brad1-8tsi on 31/08/2020 - 15:10

  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.

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    CheaperCharlie on 31/08/2020 - 15:42

    Thanks for the insights, helpful to know.

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      ihbh on 31/08/2020 - 16:54

      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..

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        CheaperCharlie on 31/08/2020 - 22:22

        Thanks, good to know, and yes I agree face to face would be advantageous.

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  ihbh on 31/08/2020 - 16:49

  +1

  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.

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    brad1-8tsi on 31/08/2020 - 19:08

    +1

    agree.
    it also appears to be an excellent networking opportunity

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    CheaperCharlie on 31/08/2020 - 22:21

    Contemplating for one of my parents who has currently sits on a Board. Thanks