Education Tax Refund – Claim everything you’re entitled to!
Get up to 50% back on a range of children’s education expenses! The government is helping you with the costs of educating your child by providing up to 50% back on eligible children’s education expenses.
Am I eligible?
If you had eligible education expenses during the financial year for a child undertaking primary or secondary school studies, and:
• You received Family Tax Benefit (FTB) Part A for the child OR
• A payment was made for the child which prevented you from receiving FTB Part A OR
• Independent students in primary or secondary school
What can I claim?
You can claim the cost of buying, establishing, repairing, maintaining any of the following items:
• Home computers and laptops
• Computer-related equipment, such as printers, USB flash drives.
• Computer repairs
• Home internet connections
• Computer software for educational use
• School textbooks and other printed learning material, including prescribed textbooks, study guides and stationery
• Prescribed trade tools for secondary school trade courses
Items you can’t claim:
• School uniform expenses (however, the law will change for uniforms purchased after 1 July 2011, allowing uniforms to be claimed in the 2011-12 tax year)
• School fees
• Sporting equipment
• Musical instruments
Example: Brad and Nicole have a child in primary school. Brad purchased a computer worth $2,500 which his child uses. Brad can claim $794 in eligible expenses, giving him a refund of $394. What do I need to do and when? From 1 July 2011, start keeping receipts for school uniform items and other claimable school expenses so you can claim them next year. The amount of the refund is increased each year by the Consumer Price Index, so be sure to keep your receipts!
For more information, including details on how you can claim the refund, contact us.
For an appointment, or a confidential discussion of your needs, please contact our Tax Accountants today, or call 1300 627 829.
