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smtm

Need some help paying for your child's educational expenses?

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smtm

I know some of you may already be aware of this one, so here goes for those who don’t….

 

Make sure you keep your receipts, in particular those related to your child’s education. I have just discovered the 'The Education Tax Refund', it is a Rudd initiative falling under the umbrella of the $4.4 $4.4 billion Education Tax Refund. The Education Tax Refund is designed to provide parents with financial help for education expenses, with refunds of up to: $375 per primary school student; and $750 per secondary school student.

 

Who’s eligible? Those parents entitled to Family Tax Benefit (FTB) Part A for children in primary or secondary school for the relevant financial year and….

 

Parents who have children in primary or secondary school who would ordinarily be eligible children for FTB Part A purposes, but for the fact that their child receives certain payments or allowances, such as, youth allowance, disability support pension or ABSTUDY Living Allowance.

 

What can you claim, if you are eligible? If you incur one or several of the following eligible expenses, you could be entitled to a 50% refund.

• laptops;

• home computers and associated costs;

• home internet connections;

• printers;

• education software;

• trade tools for use at school;

• school text books; and

• stationery

 

How much can you get? For each child undertaking primary studies there is a maximum refund of $375 per child, per year of you will need to have spent $750 on eligible educational related expenses. Like wise you could be entitled to $750 per child, per year for each child undertaking secondary studies again the maximum spend on eligible educational expenses is $1500. If you do end up spending more than say $750 or 1500 (easily done) …good news! Where a family has educational costs in excess of the refund limit, these costs can be carried over to the next financial year.

 

You can only claim through your tax return so you will have to wait until July to do your taxes. The key is to keep your receipts, with the prediction of rocky times ahead, you just never know, and whilst you may not be eligible this month who knows in six months time if the circumstances will be the same, so file those receipts.

 

Sonia Williams a mother of two, qualified accountant and founder of the online site Show Mummy the Money, designed to help mums, save, make and protect their money. She is the author of two books, Show Mummy the Money 2006, and Raising a Business 2007 available through all good book stores.

 

This information is correct at time of writing. It is general advice only and has not been tailored to your personal circumstances. Please seek personal financial advice prior to acting on this information.

www.showmummythemoney.com.au

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littlecuties
You can only claim through your tax return so you will have to wait until July to do your taxes.

 

You don't have to do it through your tax return. If you are not required to do a tax return, there will be a separate claim form for this refund.

 

I think most eligible people have received information in the mail anyway.

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