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What is the Schoolkids Bonus?

Beginning in January 2013, the Schoolkids Bonus will replace the Education Tax Refund. It is designed to help families with school expenses by providing eligible families with $820 for every student in high school and $410 for every student in primary school. In order to receive the benefit, however, your family must earn less than $120,000 a year. The bonus will affect approximately 1.3 million families of 2.2 million schoolkids.

The payment is automatic and upfront, which means that it’s not necessary to keep receipts as records of your expenses. Plus, the payment will be the same amount every time, making it easy to budget.