Education Tax Refund Replaced by 'School Kids Bonus'

By: Osmonds Tax Express  12-Nov-2012
Keywords: Accounting & Bookkeeping Services, Tax Accounting, Taxation Services

The recent Federal Budget removed from the income tax return, the Education Tax Refund and substituted a direct payment. Eligible families will receive two equal instalments in January and July each year, beginning January 2013. Each child in primary school will be eligible for $410 and each child in high school will be eligible for $820. There is no requirement to complete any tax schedules nor retain any evidence of expenditure. Eligibility for the payment will occur where children are enrolled and attending school and are receiving Family Tax Benefit Part A or would be eligible for Part A, if it were not for some other qualifying income support payments or allowances under a prescribed education scheme. As part of the transition the (old) Education Tax Refund for 2011-12 was paid in full as a lump sum payment between 20 and 29 June 2012 to eligible families. If eligibility is uncertain, and you did not receive any payment, registration for the Family Tax Benefit Part A is worth investigating. The transitional rules are complex, with eligibility determined by the family circumstances on the 8th May 2012. Eligibility for the Schoolkids Bonus will be based on entitlement to one of the following payments:- Family Tax Benefit Part A Youth Allowance ABSTUDY Disability Support Pension Some families will need to advise that their child has started primary or secondary school to receive payment. The Department of Human Services is the new agency (was Centrelink) to contact.

Keywords: Accounting & Bookkeeping, Accounting & Bookkeeping Services, Accounting & Tax Services, Accounts Receivable, Book Keeping, Bookkeeping and Payroll, Bookkeeping Professionals, Bookkeeping Service, Bookkeeping Services, Business Accountants, Business Bookkeeping, Business Planning, Chartered Accountant, Chartered Accountants, Data Management, Electronic Transfer, Financial Advice, Financial Statements, Income Tax Returns, Managed Super, Managed Super Funds, Managed Superannuation, Managed Superannuation Funds, Marine Parks, National Parks, New Zealand, Payroll and Bookkeeping, Payroll and Bookkeeping Services, Payroll Services, Public Accountants, Registered Tax Agent, Retirement Planning, Self Managed Super, Self Managed Super Funds, Self Managed Superannuation, Self Managed Superannuation Funds, Strategic Planning, Superannuation Fund, Sustainable Development, Tax Accountancy, Tax Accountant, Tax Accountants, Tax Accounting, Tax Advice, Tax Agent, Tax Consultants, Tax Preparation, Tax Return Accountant, Tax Services, Taxation Services

Other news and updates from Osmonds Tax Express

10-Jan-2013

Building and construction industry reporting

A new reporting regime came into effect on 1 July 2012 requiring businesses in the building and construction industry to report payments to contractors. The first of these reports is due on 21 July 2013. Businesses affected by the reporting regime need to report the contractor’s ABN, name, address, gross amount paid for the financial year, and total GST included in the gross amount.


18-Dec-2012

FBT - Christmas Parties and Taxi Fares

FBT - Christmas Parties and Taxi Fares


12-Nov-2012

Living Away from Home Arrangements - Legislation Announcements

Living Away from Home Arrangements - Legislation Announcements