School Kids Bonus 2012-13 Budget

You will also find tips, calculators and checklists to help you prepare your eTax Return (and get a better refund) right here - summary of e-tax and Assessable income and checklist of E-tax and Allowable Deductions.

The School Kids Bonus in a Nutshell:
  • $410 for primary school children.
  • $820 for high school children. 
  • No receipts of school expenses needed. 
  • No paperwork required.
  • Families on Family Tax Benefit A are eligible.
  • First payment could be made mid-June. 
Just like the Education Tax Refund, the Schoolkids Bonus will be available to families receiving Family Tax Benefit Part A plus young people in school receiving Youth Allowance and some other income support and veterans’ payments.

About a million families, who qualify for Family Tax Benefit A, will be eligible for the payments, only offered to families earning less than $101,000 if they have one primary-school-aged child, rising to $123,000 for families with two teenagers.

As part of the transition to the new Schoolkids Bonus, the Education Tax Refund for 2011-12 will be paid out in full to all eligible families as a lump sum payment in June.

This means families will receive their full Education Tax Refund entitlement ahead of tax time – so parents won’t have to worry about keeping receipts or making claims when they do their tax this year.

Because the payment is automatic and upfront, it means:
  • Parents don’t need to keep receipts for months and months – it’s a guaranteed payment.
  • Parents will receive the full amount every time, so families won’t miss out if they lose receipts.
  • Parents don’t have to pay out of their own pocket, then wait months to get paid back - the payment will be paid upfront, twice a year, before the start of Term 1 and Term 3. 
  • No paperwork is required. 
For additional information on the "transitional" ETR Payment for June 2012, see this post:  details of "transitional" ETR Payment.

 For help with your eTax return see our eTax Return Checklist.

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