35 – Professional development costs are tax deductible

Personal development costs may not be tax deductible, but professional development costs are another matter. They are tax deductible. For example, the costs of attending a seminar on client interview techniques, or professional presentation preparation, will be deductible.

As a rule of thumb, most seminars advertised through the financial planning press, particularly those provided by financial institutions, are tax deductible.

Some professional seminars and conferences include a personal development component. For example, an FPA seminar may include a one-hour elective on diet and nutrition or relaxation techniques. The inclusion of these components does not disturb the deductibility of the costs. The overall purpose of the seminar was to maintain and increase assessable income from an existing activity, and that dominates the decision on whether the cost is deductible.

Self-education costs are tax deductible and these are explained here: self-education costs.

The Dover Group