Get up to speed with the government subsidies you may be able to claim in 2020 now the kids are back to school.
With 2020 now in motion, many parents and carers are probably looking at how they?ll cover school fees for the year ahead, not to mention other costs, which might include things like uniforms, shoes, stationery, excursions and transport.
The good news is, you may be eligible for some financial assistance through subsidies in your state or territory, which may be means tested or require you to hold a concession card1.
State and territory allowances
According to figures from ASG, for a child born today, the total cost of schooling in a capital city (from ages 0 to 17) is estimated to be around2:
- $78,234 if they attend government schools
- $148,019 if they attend systemic/catholic schools
- $351,682 if they attend private schools.
With that in mind, it?s worth exploring some of the rebates and tax breaks you as a parent or guardian may be eligible for.
New South Wales
Children in Kindergarten through to Year 12, who are aged between four and a half and 18 (including those that are home-schooled), are eligible for an Active Kids Voucher, providing parents and guardians with $100 to put toward registration and participation costs for sport and fitness activities.
The Creative Kids program provides one $100 voucher each year to all school-aged children to help with the cost of creative classes and activities, such as music, dance and drama lessons, language classes, coding and design.
In addition, if you drive the kids to school because there?s no public transport where you live, you may be eligible for the School Drive Subsidy.
There are also two financial support programs for eligible families who have children boarding away from home to complete their secondary education. To find out more, check out information on the Living Away from Home Allowance and Boarding Scholarship for Isolated Students.
Other considerations
The cost of kids doesn?t come cheap, so it?s worthwhile making the most of the subsidies available to you.
In the meantime, if you need further help, speak to your school about what financial support is available. It might also worth talking to other parents who have children at the same school or schools nearby.
Here are some more tips around budgeting and how to take control of debts.
If you would like professional help with the financial aspects of raising a family contact Paul Harrop, PSK Financial Services General Manager on 02 9324 8831 to organise your complimentary consultation.
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1 Money Smart ? Reducing back to school costs (Government assistance with school costs)
2 ASG – supporting children?s education (Table: Calculate the cost of your child?s education)
First published ? AMP Life Limited provided PSK Financial Service.
PSK Financial Services Group Pty Ltd (ABN 24 134 987 205) are Authorised Representatives of Charter Financial Planning Ltd (AFSL 234666), Australian Financial Services Licensee and Australian Credit Licensee.
Information contained in this article is general in nature. It does not take into account your objectives, needs or financial situation. You need to consider your financial situation before making any decisions based on this information.