4 reasons why you should upskill before EOFY
With End of Financial Year (EOFY) approaching, you may be at the point where you’re scrambling past receipts to claim back your tax expenses. Perhaps you’re looking into training your staff so their skills are up to scratch for the new financial year.
Either way, there are plenty of benefits when it comes to further study. Not only is EOFY the perfect opportunity to upskill, but you may be able to claim back some of the expenses you spend on your education.
You may not feel the urgency of picking up a course before EOFY, however, Skillstalk are here to give you some of the best reasons why you should study a course and how it can benefit you in the long-term:
1. Self-education expenses are tax deductible.
If you’ve discussed with your boss about taking up a course with Upskilled and already know what qualification you need that can help with your current role, the course fees may be tax deductible if it’s work-related.
However, it’s important to keep in mind that there are eligibility requirements that need to be met to be able to claim a self-education expense. As quoted from the Australian Taxation Office (ATO), “a tax deduction for your self-education expenses related to your work as an employee is available if you work and study at the same time”.
According to the ATO*, if you meet any of the following conditions below, you are eligible to claim back a self-education expense:
- You are upgrading a qualification related to your role. For example, you currently hold a BSB42415 - Certificate IV in Marketing and Communication but want to upgrade into the BSB52415 - Diploma of Marketing and Communication.
- You’re currently improving your skill set or gaining further knowledge to help with your job performance. For example, you may be a Social Media Coordinator wanting to take over the position of Social Media Manager. However, you may need to study a 10904NAT - Diploma of Social Media Marketing to help you succeed with the added responsibilities that come with the role.
- The course you’re doing is related to a traineeship program.
- You’re able to show that studying while working has enabled you to receive a pay increase in your current position.
*Please note that eligibility requirements are subject to change. Refer to the ATO website for any updates.
From the criteria above, you can learn that people not only choose to study to develop their skills, but it’s a chance to prove themselves to their employers on why they deserve an increased wage or better job title. Not only is a qualification great for someone with the desire to make career moves, but it's an opportunity for them to also also prove to their employer that they're a valuable asset to the company.
Upskilled has plenty of online courses offered in popular industries like business, community services and IT. Studying online has many great benefits, one being that you can juggle work and study at the same time.
So, investing in your education and choosing Upskilled as a course provider can help you achieve your career goals and what better way to do it than before EOFY.
2. It’s an effective way to use training budget.
If you’re running your own business and have some leftover training budget, we encourage you to take the plunge and consider upskilling your staff! There are plenty of benefits that come with training, and it’s not limited to the fact that they develop new skills along the way. According to The Thriving Small Business, here are some of the other benefits that come from employee training:
- You can incentivise new onboarding staff with training opportunities: If you’re in the process of hiring new people for your company, it’s great to pitch to potential job candidates that you offer training opportunities. Millennials in particular see skill-building as a great job-perk, providing them with skills that can be an important foundation for their career.
- You keep your business current by upskilling your staff: Using up the remainder of your training budget before EOFY is great timing. Maybe it’s been a while since your staff have gone through some training and you may have some goals in mind that you want to achieve in the next financial year. Training keeps you in-check of your staff when it comes to their skills. Not only does studying nurture their skills but they can also gain valuable knowledge that may help improve their job performance.
- Training can boost employee morale: Employees value job satisfaction and training not only gives them purpose, but it can most likely keep them happy in their jobs too. It’s important for workplaces to provide opportunities of growth, so enabling this in your business can help improve your staff’s engagement in their current roles. They can also feel more motivated when it comes to working towards the objectives you have set for the upcoming financial year. Training also enhances team-building as it encourages your staff to work together and solve problems in a collaborative manner.
- Employees can apply what they’ve learnt in their studies to real-work situations: Applied knowledge is what you gain from studying a course and since Upskilled delivers their courses online, your staff can incorporate all the concepts they’ve learned throughout their studies in real-work situations.
- It can Improve employee retention: Running your own business can be tough, especially if staff turnover has increased. Upskilling your staff can help you keep good employees for a while, provided that training opportunities offers growth and development. Studying keeps employees motivated and gives them an incentive to stay longer, especially if you are funding for a relevant qualification in the end.
3. Online learning can set yourself up well for the new financial year.
Goal-setting is normal to implement, especially if you’re new to entrepreneurship and want to improve the operations within the business, ensuring that you make enough profit to be sustainable.
Taking the opportunity to upskill can not only help you be motivated to achieve your goals, but it can give you the “fresh” start you need. You may have been wanting to fill a skills gap for a long time, or you've considered studying but worried about amending your current schedule when running your business.
One of the excellent benefits of online learning is that you can study at a time that suits you. Upskilled has plenty of Certificate and Diploma-level courses across a range of industries, and most qualifications are nationally-recognised as well. You won’t need to amend your current schedule since you can study before work or after, while also juggling your responsibilities in your personal life.
If you’re looking for specific qualifications that can help your business thrive, consider the Upskilled course BSB40320 Certificate IV in Entrepreneurship and New Business.
This course can help you manage your priorities, market your small business effectively, and help its work operations. If you’re motivated to start fresh before the new financial year, upskilling is a great way to establish and develop soft skills that can help you be well-prepared when problems in the workplace arise.
4. Upskilling can help increase your earning potential.
Did you know that studying not only helps you with your credentials, but it also gives you the opportunity to increase your salary potential? Studying a course not only helps with developing your skills, but it also shows some admirable qualities all employers look for: resilience, motivation, persistence and adaptability.
Furthermore, while studying online is quite flexible, you need to be strict when it comes to managing your priorities and time. From this, you can develop soft skills in critical thinking, time management and problem solving from study.
If potential employers look at your resume and have seen you’ve completed a qualification, you can use it as leverage when it comes to your salary. Meaning that you may have a better chance of negotiating better pay since you have developed some in-demand skills from your qualification.
Want to tick off more goals in the next financial year?
With a broad range of courses, Upskilled delivers quality online education from in-demand industries around Australia. You will receive support from a dedicated trainer and have the student support team available to help with any issues that may arise throughout your course.
Investing in education is a great way to feel motivated before the new financial year. If you’re currently running a business and want to improve its operation, or simply want to pick up a qualification that can help improve your employment prospects, then consider studying online with Upskilled.
This article should not be taken as expert financial advice. Please consult a financial specialist for further advice on your circumstances.
Editor’s note: This article was originally published in June 2019. Content has been revamped and updated for accuracy and comprehensiveness.
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