Education Tax Refund - Been Keeping your Receipts?

Are you a parent and entitled to Family Tax Benefit Part A?

At a glance:  - The Government has issued a reminder to taxpayers of the Education Tax Refund and has again advised parents to keep the receipts of all amounts spent on their children's education expenses.

The Education Tax Refund is designed to support parents by offering refunds of their children's education expenses of up to:

a. $375 per year for primary school students; and b. $750 per year for secondary school students.

Eligible families will be able to claim a deduction of up to 50% of the expenses with a maximum of $750 for primary school students and $1,500 for secondary school students. Eligible expenses include but only:  a. Laptops, b. Home computers and associated costs, c. Home internet connections, d. Printers, e. Education Software, f. Trade tools for use at school, and g. Stationery and school text books.

Parents can claim a deduction for these education expenses in their income tax returns at the end of the financial year.

Separate claim forms are available from the Australian Taxation Office at http://www.ato.gov.au. All receipts must be kept as documentary evidence.

Remember: You may be entitled to a deduction for your children's education expenses.