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8 August 2012

Changes to the Education Tax Refund

Schoolkids Bonus

A "Schoolkids Bonus" will replace the Education Tax Refund (ETR) which was previously claimed through the tax system.

From 1 January 2013, families receiving Family Tax Benefit Part A will receive:
  • up to $410 for each child in primary school
  • up to $820 for each child in secondary school.

What's different?

The Schoolkids Bonus will be automatically paid to eligible families in two separate instalments each year-half in January and half in July.

Unlike the Education Tax Refund which was previously claimed through the tax system, the Schoolkids Bonus will be paid automatically and upfront, which means:
  • you don't need to keep receipts for education expenses
  • no separate claim is required.

Eligibility

Just like the Education Tax Refund, the Schoolkids Bonus will be available to families receiving Family Tax Benefit Part A, as well as young people in school receiving Youth Allowance and some others receiving  income support and veterans' payments.

You or your child must be in primary or secondary education.

One-off Education Tax Refund payment for 2011-12

As part of the transition to the new Schoolkids Bonus, one-off lump-sum payments were made in June 2012 to families in lieu of the Education Tax Refund for the 2011-12 financial year.  This payment replaces the refund you would usually get from the Australian Taxation Office after lodging your tax return.

If you are eligible, the one-off payment would have been paid into your nominated bank account between 20 and 29 June 2012.  You won't need to provide receipts or make a claim when you do your tax.

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This Newsletter, of necessity, has dealt with matters of a technical nature in general terms only. Clients should contact us for detailed information on any of the items in the Newsletter. No responsibility for loss occasioned to any person acting or refraining from acting in reliance upon any material in this Newsletter can be accepted by any member or employee of the firm.

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