Education Tax Refund replaced by Schoolkids Bonus for 2012

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The Education Tax Refund (ETR) has been replaced by a new scheme called the Schoolkids Bonus.

For the 2011-12 financial year, the ETR cannot be claimed in your taxation return. Instead, eligible families will be paid the bonus automatically in January and July each year. There will be no need to claim through your taxation return in future.

For each primary school child, families will receive $410, and for each secondary school child, $820 will be paid for each child.

As part of the transitional relief measures, the ETR for 2011-12 will be paid as a lump sum in June 2012. Unfortunately, any amounts carried forward from the 2010-11 year are excluded. If you do not receive the one-off payment in June 2012, you should contact centrelink to determine your eligiblity or go to fahcsia.gov.au.

For the 2010-11 years and prior, you can continue to make a claim through your taxation return if you are eligible.

Hillyer Riches is a specialist accounting, business advisory and superannuation firm located in Melbourne. For more information email travis@hillyerriches.com.au.

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This article is for general information only and should not be relied upon without first seeking advice from an appropriately qualified professional.

 

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