NEW FROM THE ATO – Education Tax Offset

school_boardParents are being advised to ‘keep their receipts’ for education expenses in light of the commencement of the Education Tax Offset from 1 July 2008.

How much can be claimed?

Eligible families (generally parents entitled to Family Tax Benefit (FTB) Part A) will be able to claim a 50% tax offset every year (in their tax return) for key education expenses up to:

$750 for each child undertaking primary studies (i.e., maximum refund of $375 per child, per year); and

$1,500 for each child undertaking secondary studies (i.e., maximum refund of $750 per child, per year).

What items are covered?

Eligible expenses include:
-  laptops, home computers and associated costs;
-  printers;
-  home internet connections;
-  education software;
-  trade tools for use at school;
-  school text books; and
-  stationery.

Also, have you thought about investing to fund your child’s secondary education?

Most private secondary schools in Western Australia charge between $3,000 and $15,000 per year for tuition. An Australian share fund is a great way to save for your child’s education.

If you’d like to find out more then please REGISTER ONLINE or contact us – and our friend, Amanda Doyle from Professional Investment Services will be in touch with you very shortly.