Guest Chelseadownunder

School Kids Bonus

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    Guest Chelseadownunder

    [h=3]Replacing the Education Tax Refund with a Schoolkids Bonus[/h]Proposed start date: 1 January 2013

    Under the current rules, the Education Tax Refund (ETR) is a refundable tax offset available to families who receive Family Tax Benefit Part A.

    The Government proposes abolishing the ETR and replacing it with a new Schoolkids Bonus. This will be paid to eligible recipients in two equal instalments in January and July each year.

    Every family with a child at school will receive $410 per annum for each primary school student and $820 per annum for each secondary school student.

    The new Schoolkids Bonus will be available to families with children enrolled and attending school who are in receipt of:

    • Family Tax Benefit Part A (FTB A), or
    • Other qualifying income support payments or allowances under a prescribed educational scheme that precludes the family from receiving FTB A.
    • The Government also proposes that as a transitional measure, the ETR in 2011/12 will be replaced by a one-off lump sum payment to eligible families in June 2012.

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    The Government also proposes that as a transitional measure, the ETR in 2011/12 will be replaced by a one-off lump sum payment to eligible families in June 2012.

     

    So does that mean we can't claim the 50% back on school materials and uniforms for the year just gone? (they only included uniforms this year for the first time if I remember correctly) If so, damn because I have been collecting receipts diligently and it's been a bloomin' expensive year with laptops and Year 12 stuff. 50% comes to a lot more than $800! You'd think they could only make changes to future tax years, wouldn't you, not backdate these things!

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    I agree Diane, it means everyone with kids who finished school in December won't be eligible and can't claim either. I don't think it is nice to change the rules halfway through a tax year, when people may have decided to buy stuff instead of making do until their child finishes yr 12!

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    So does that mean we can't claim the 50% back on school materials and uniforms for the year just gone? (they only included uniforms this year for the first time if I remember correctly) If so, damn because I have been collecting receipts diligently and it's been a bloomin' expensive year with laptops and Year 12 stuff. 50% comes to a lot more than $800! You'd think they could only make changes to future tax years, wouldn't you, not backdate these things!

     

     

    Diane, is your daughter currently in Year 12? If so then you will get this bonus (but only if entitled to FTB part A). So basically you will be getting the same but in June, instead of claiming your expenses against your tax in July for the current tax year 2011-2012. I'm not quite sure why you are saying that 50% comes to alot more than $800? The current system is as follows

    You can claim 50% of eligible education expenses up to the maximum amounts. For the 2010–11 financial year, the maximum amounts are:

    • $794 for each primary school child. You can claim a maximum refund of $397 for each primary school child you have, and
    • $1,588 for each secondary school child. You can claim a maximum refund of $794 for each secondary school child.

    So you would have only been able to claim a max of $794 anyway.

     

     

    Of course the allowances for 2011-2012 were slightly more...but not a great difference.

     

    You can of course 'pool' together all your kids allowances to claim a big purchase such as a computer etc...

     

    I have no idea how this effects those of you who had children leave school in december (currently half way through this financial year)...but of course for those of you who have kids leaving this December, i assume will not be able to claim anything as the ETR will be abolished

    Edited by lorluc
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    Guest smit

    more handouts that will do jack sh*t to help the economy...........economics isnt labours strong point!!!!

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    If Diane can't claim for expenses already incurred which will be probably up to the full 800 odd receivable back through the tax system, she will only get this one of payment of 400 odd as by January her daughter will have left school and will no longer be entitled to anything unless she can qualify herself for one of the study allowances which is nigh impossible unless your parents live well below the poverty line or you work for 18 months before going on to Uni.

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