Parents: Hold onto your reciepts!

For thousands of local families, preparing for the new school year can involve significant financial strain as they face costs like laptops, internet connections and school textbooks.

 

The Education Tax Refund will provide some much-needed relief to help local families meet these costs, with refunds of up to:

 

 

All families with school children who receive Family Tax Benefit Part A will be eligible for the Education Tax Refund.

 

Provided parents keep their receipts, the Education Tax Refund will apply to some of the most common back-to-school items, including:

 

•  laptops;

•  home computers and associated costs;

•  home internet connections;

•  printers;

•  education software;

•  trade tools for use at school;

•  school text books; and

•  stationery.

 

“The back-to-school period can be an expensive time for parents, and every dollar counts,”

 

“The Education Tax Refund is a key part of the Rudd Government’s Education Revolution to give our children the best possible start in life and build the best educated and trained workforce in the world.” Ms Macklin said.

  

 

 

 

By keeping their receipts, eligible families will be able to claim a 50 per cent refund every year for key education expenses up to:

 

•  $750 for each Primary School child (max refund of $375 per child, per year); and

 

•  $1,500 for each Secondary School child (max refund of $750 per child, per year).

 

Where a family has educational costs in excess of the refund limit, these costs can be carried over to the next financial year.

 

 

Parents entitled to Family Tax Benefit (FTB) Part A for children in primary or secondary school for the relevant financial year are eligible for the Education Tax Refund.

 

Parents are also eligible if they have children in primary or secondary school who would be eligible children for FTB Part A purposes, but for the fact that the child receives certain payments or allowances, for example:

 

•  Youth Allowance;

•  Disability Support Pension; and

•  ABSTUDY Living Allowance.

 

 

 

Parents will then be able to claim 50 per cent of these expenses through their tax return at the end of the financial year. For those who are not required to complete an income tax return, a separate form will be available from the Australian Taxation Office.