Parents 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.
