I was just wondering if there is anyone else out there that has multiple kids and have reviewed the Education Tax Refund (ETR) information. The Education Tax refund gives a 50% Tax offset for purchases of $750 and $1500 for primary and secondary kids respectively per child. You also must be entitled to Family Tax benefit Part A.
As I have thought about this for the last few days, this ETR means that I can buy one or two computers each year with a 50% discount. Therefore I am looking out for computer specials over the next 8 weeks or so!! I would think that the best deal will be in the next couple of weeks. Maybe someone might be correct me on that.
The reason that I have come to this conclusion is:
- There are a limited number of eligible expenses: School texts and stationery, education software, internet connection, laptops and home computers and associated expenses.
- I have three kids in primary school so that means I can spend $2250 and get 50% tax offset. There is no way that the text, stationery and internet costs are going to be more than $1100.
More info: http://www.treasury.gov.au/contentitem.asp?NavId=035&Content…
Therefore there is nothing else that I can claim this on besides buying a computer.
Has anyone else thought about this?
From the PDF
For the purposes of the ETR, eligible educational expenses are:laptops, home computers and associated costs (including repair and running costs of computer equipment and lease costs), home Internet connection and printers and paper;
education software; −
school textbooks and material (including prescribed textbooks, associated learning materials, study −
guides and stationery); and
prescribed trade tools. −