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» Articles - Eden Wealth Tax Tip - children going to school
Eden Wealth Tax Tip - Do you have children going to school?
You may be able to get 50% back on a range of primary and secondary school education expenses with the Education Tax Refund.
How much can I claim?
You can claim the Education Tax Refund for eligible education spending incurred from 1 July 2008 to 30 June 2009.
If you have full care of a child, you can claim 50% of eligible expenses up to:
* $750 for each child in primary school (that is, a maximum refund of $375).
* $1,500 for each child in secondary school (that is, a maximum refund of $750).
If your expenses exceed your refund limit for the year, any excess can go towards next year's refund.
There are a number of eligibility rules, as a minimum you will need to provide the following details:
* Names of your school-attending children; and
* List (or receipts) of eligible education expenses: date, description and amount.
There are further rules that apply if you are in receipt of the Family Tax Benefit.
What can you claim?
It is important that you keep all of your receipts for items you intend to claim.
You can claim the cost of buying, establishing, repairing and maintaining any of the following items:
* Laptop and home computers.
* Computer-related equipment such as printers and USB flash drives.
* Home internet connections.
* Computer software for educational use.
* School textbooks, associated learning materials, study guides and stationery.
* Prescribed trade tools for secondary school trade courses.
Unfortunately you cannot claim the following items:
* School fees.
* School uniform expenses.
* Attendance at school-based extra-curricular activities (eg excursions and camps).
* Tutoring costs.
* Sporting equipment.
* Musical instruments.
* Subject levies (eg for consumables for subjects such as woodwork or art).
* Building levies.
* Library book fees.
* School photos.
* Donations.
* Tuck shop expenses.
* Waiting list fees.
* Transport.
* Membership fees.
* Computer games and consoles.
For more information, or to discuss your specific situation, please contact me directly.
Robert Palma
Eden Wealth Management and Eden Tax Accounting
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