Is your scholarship taxable?
Friday 8 July 2016
Did you receive a scholarship or bursary this financial year? Are you unsure if this counts towards your taxable income? The Australian Tax Office (ATO) has a useful tool to help you determine if your scholarship is taxable.
This is an interactive decision tool that will assist you to determine if your non-government scholarship is taxable. This tool does not deal with Commonwealth education or training payments such as Austudy, ABSTUDY, and Youth Allowance. These payments are not scholarships. However, some of them may be exempt from tax under other provisions of the income tax law.
Some scholarships, bursaries, grants and awards - including education benefits provided under a friendly society scholarship plan - are taxable. If you are not sure about a payment contact the organisation that paid you. If you require further advice about taxation on scholarships, please contact the ATO directly.
Just click on the link below and answer a few simple questions to work it out: