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Discussion Starter · #1 · (Edited)
Hello All,

I got Australian PR earlier this year. I have now also secured admission into a very good college for masters .

I have 2 options for managing my finances for my studies:

1) My own savings + education loan from Indian bank as the interest rates are lower than Australia.

2) My own savings + My sister would lend me some money by taking a personal loan in UK as interest rates are even lowerer.

I want to know are there any tax benefits on education loan or interest accumulated on the education loan ? Or are there tax benefits on the fees payed to the college?

For first case , will I be apply for tax benefit ( if available ) as my loan would not be from Australia?

Is the second case not good as it would not help me in tax benefits later on ?
 

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Hi Sktoaustralia,

refer to the ATO homepage for students or consult a tax agent. The initial (say: half-hour) consultation should cost you no more than AUD100. A tax return for an employee costs around AUD250 to AUD300 plus GST, so take that as a guideline.

Cheers,
Monika
 
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