Explanatory Memorandum
Circulated By the Authority of the Treasurer, the Hon Wayne Swan MpGeneral outline and financial impact
The Education Tax Refund
This Bill amends the Income Tax Assessment Act 1997 by introducing a 50 per cent refundable tax offset for eligible education expenses (the Education Tax Refund) up to a maximum of $750 for children undertaking primary studies and $1,500 for children undertaking secondary studies.
Date of effect : The Education Tax Refund applies to eligible expenses incurred from 1 July 2008.
Proposal announced : This measure was announced by the Government in its election document A Tax Plan for Australia's Future on 18 October 2007. Further policy details were provided in the Treasurer's Media Release No. 039 of 13 May 2008 released jointly with the Minister for Education.
Financial impact : This measure will cost:
| 2008 - 09 | 2009 - 10 | 2010 - 11 | 2011 - 12 |
| $1,015m | $1,095m | $1,135m | $1,165m |