24 January 2009

Tip of the Day January 24, 2009

Parents, Keep Those Receipts!

Schools all over Australia are gearing up for another year and that means that parents and carers are out shopping for school supplies.

On 30th June 2008, the Federal Treasurer, Wayne Swan, announced the Education Tax Refund. This is to assist parents and carers with Education expenses with refunds of 50% of allowable education expenses. The maximum refund is :
  • $375 per primary school student
  • $750 per secondary school student

The example given in the press release is:
"Sarah and Michael have two children, Petra, in secondary school and Jack, in grade three. The Education Tax Refund will allow Sarah and Michael to claim 50% of the cost of a $1,500 laptop computer they bought for Petra, a refund of $750. They will also be able to claim Jack's education software and school textbooks up to teh value of $750, receiving a refund of $375."

Eligible expenses for the Education Tax Refund include:

  • Laptops;
  • Education software;
  • Home computers and associated costs;
  • Trade tools for use at school;
  • Home Internet connections;
  • School text books;
  • Printers; and
  • Stationery.

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. It can be claimed through their tax return at the end of the financial year.

So, parents and carers of school kids, KEEP THOSE RECEIPTS!

For more information go to: http://www.treasurer.gov.au

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