13 May 088 Education Tax RefundIn a media release issued on 13 May 2008, the Treasurer, Wayne Swan, announced the Government’s decision to create a new Education Tax Refund, to help working families with the costs of education.
About 1.3 million families (with 2.7 million students) will be eligible for the refund tax offset which is expected to benefit Australian families by more than $1 billion a year.
Eligible families will be able to claim a 50% refund every year for key education expenses up to:
- $750 for each child undertaking primary studies (maximum refundable tax offset of $375 per child, per year)
- $1,500 for each child undertaking secondary studies (maximum refundable tax offset of $750 per child, per year).
Families receiving Family Tax Benefit (Part A) with children undertaking primary or secondary studies or whose school children receive Youth Allowance or another relevant payment (see Attachment) will be eligible for the Education Tax Refund.
The refundable tax offset will apply to expenses incurred from 1 July 2008 and will be claimed upon lodgement of a 2008–09 income tax return.
For a copy of the Treasurer's media release, No 2008/39, 13 May 2008, go here