An Education Investment Fund (also referred to as the ‘Fund’) is a special type of investment product which is classified as a ‘scholarship plan’ in accordance with the Income Tax Assessment Act 1997. This entitles it to obtain a special tax benefit (ETB), which is passed on to you, worth up to $30 for every $70 of earnings used to pay education expenses. The ETB is added to the amount withdrawn from the Earnings Account, and the combined amount is paid as the education benefit.
Unique Design – Each individual plan is made up of two parts:
Investor Contributions – you can withdraw available funds from this account tax free at any time for any purpose.
Investor Earnings – comprises tax paid investor earnings plus a special tax benefit referred to as the “Education Tax Benefit” which is only available when withdrawing to pay education expenses and can be worth an additional $30 for every $70 of earnings withdrawn
The Education Investment Fund allows you the traditional benefits of an investment bond (also known as an insurance bond) whilst also accessing the Education Tax Benefit.
We can assist you in setting up your accounting records, whether it be a simple cashbook or spreadsheet, through to a computerised accounting package. We recommend MYOB as a quality computerised accounting package.
We can also assist in sourcing competent and efficent bookkeepers if required.
We prepare financial statements for all entity types that comply with statutory and taxation requirements.
We prepare all types of income tax returns including companies, trusts, self managed superannuation funds, individual sole traders and partnerships, and ensure that all returns are lodged on a timely basis. If you have more than one year's returns outstanding we would be pleased to bring your tax lodgements up to date.
We also can prepare and lodge monthly, quarterly or annual Business Activity Statements for your business.
We can liase with the Australian Taxation Office on your behalf in relation to debt arrangements, reconcile tax liabilities, assist in taxation and superannuation guarantee audits.
We can assist your business by providing management and financial advice in relation to your business.
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