Tenbensel & Dee - Chartered Accountants

Tenbensel & Dee - chartered accountants

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Education Tax Refund

Education Tax Refund

From 2009, eligible families will be able to claim an Education Tax Refund (ETR). The ETR will be payable in respect of common schooling costs such as computers, home internet connections, text books and stationery (but not school fees or uniform costs). The ETR will be up to $375 per primary school student and $750 per secondary school student each year.

The ETR may be payable as part of the 2009 income tax return assessment where a family with School children receives Family Tax Benefit (FBT) Part A.

If you think this may affect you please keep receipts or other documentation of schooling expenses with your other tax records. Please also feel free to contact us if you would like to clarify any of the above.

For more information, please visit http://www.ato.gov.au/individuals/content.asp?doc=/content/00174278.htm

Disclaimer
This information is a general in nature and does not take into account particular situations. It does not constitute specific advice and should not be relied on as such. While we have taken reasonable care in preparation of this information, no responsibility is accepted for persons acting on this information.

We are pleased to inform you that one-off cash bonuses of up to $900 will be made to eligible taxpayers from April 2009.

The bonus will be available to Australian tax residents who meet the following criteria:

Have lodged their 2007-08 income tax return before 30 June 2009;
Your adjusted income tax liability for 2007-08 is greater than zero;
Your taxable income for the 2007-08 year is within the income threshold test discussed below.

Adjusted tax liability is defined as:

Tax on taxable income (Label A)

Add Medicare (Label O)

Deduct Rebates and Offsets (Label G)

Equals Adjusted tax liability

The labels refer to labels on the income tax assessment for the year ended 30 June 2008.

The bonus is subject to an income threshold test. Taxpayers will receive:

$900 bonus where their taxable income is = < $80,000;
$600 bonus where their taxable income is $80,001-$90,000; or
$250 bonus where their taxable income is $90,001 - $100,000.

Taxpayers will not need to apply for the payment. The Australian Taxation Office will automatically make the payment after determining eligibility.

For further information please visit http://www.ato.gov.au/corporate/content.asp?doc=/content/00178930.htm&page=2&H2

Disclaimer
This information is a general in nature and does not take into account particular situations. It does not constitute specific advice and should not be relied on as such. While we have taken reasonable care in preparation of this information, no responsibility is accepted for persons acting on this information.