4 December 2012

Don’t miss out on School Kids Bonus

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The schoolkids bonus is paid to around 1.3 million families with kids in primary or high school. With a large number of young families in the Hills District and Hawkesbury we thought we would highlight the details of this bonus.

If you have kids starting school or moving to high school next year need to update details with Centrelink to receive the Bonus in January. Centrelink are alerting families via text, email or letter of the need to go online to update details.

Families receiving Family Tax Benefit Part A, as well as young people in school receiving Youth Allowance, and others receiving certain income support or veterans’ payments are eligible for the Schoolkids Bonus.

Eligible families receive $410 for each child in primary school and $820 for each high school student. This is paid in two instalments in January and July each year.

Centrelink is sending reminder texts, emails and letters to families advising them to register their children so they can receive the money in mid-January in time for the start of the new school year.

The quickest way for parents to notify Centrelink is to register the children online. Parents should update details before the end of the year to ensure they receive the correct bonus amount.

However, parents without access to a computer can go in to a Centrelink office or telephone the government agency to register their children.

The school kids bonus replaces the previous Education Tax Refund and families no longer have to keep receipts for school equipment to get the money which is paid automatically into parents’ bank accounts.

Parents do not need to provide proof their child is enrolled at a school to claim the money, however they do have to tick a box to certify their child is attending school.

Replacing the old system with this new payment means one million families will receive more cash – a typical family will get more than $720 extra each year.

Parents who fail to meet the deadline will be able to register their children at a later date and get paid, but the money may not arrive in time to cover the purchase of school uniforms and other supplies before the school year starts.

Further details on the Schoolkids bonus can be found at humanservices.gov.au/schoolkidsbonus

If you want to discuss options for saving for your children’s secondary or tertiary education costs then please contact our Castle Hill or Windsor office and we can give you options to suit your own circumstances.

Michael Rambaldini

The author is an employee of Verante Financial Planning in Castle Hill, Corporate Authorised Representative of Magnitude Group Limited, Licence No 221557, Magnitude Group Limited ABN 54 086 266 202.

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