Tips & Strategies

Educate your kids half price

If you have children in primary or secondary school, and are eligible for Family Tax Benefit (Part A), you can claim 50% of your eligible education spending back from the Tax Office.

Please make mention of the word “refund”. This is not a “deduction”, which is much, much better (i.e. worth more). A refund means you literally will get back half of what you spend (there are limits though!).

R Leong Co Educate Your Kids at half the priceCommon expenses you can claim include:

Computers, lap-tops, printers, USB drives, ink cartridges, etc;

Internet connection, and fees;

Software, including internet security software;

Textbooks, learning materials, stationery; and

Prescribed trade tools.

Expenses you cannot claim include school fees, uniforms, excursions, musical/sporting equipment, library fees, tutoring fees, tuck shop spending, transport.

The maximum refund you can claim for each secondary student is $750 (i.e. for $1500 worth of expenditure), and $375 for each primary student (i.e. for $750 worth of expenditure).

Don’t worry if you’ve spent more than the limit. You can claim the excess in the next year, provided you’re still eligible.

About the Author

Roland has more than two decades experience as a professional accountant, business and financial adviser, including Australian Taxation Office experience. He has also presented in a number seminars, appeared on radio, and is a published commentator for a number of industry publications.

Roland holds a Bachelor of Economics (Syd), and also holds the designations of Chartered Accountant, CPA, and Financial Planning Specialist.

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