Saving Money During College: A Guide to Tax Efficiency
Supporting Students Financially in Austria: A Comprehensive Guide
For students in Austria, navigating the financial landscape can be a daunting task. However, there are numerous resources available to help students manage their finances effectively.
One such resource is the Chamber of Labor's website, which provides extensive information on the financial conditions and situations of students. This includes advice on tax declaration, tax liability, tax deductions, and application for various financial aids.
Tax Advice for Students
Students can find tax advice from ÖH, the Austrian Student Union, which provides support on tax declaration, tax liability, tax deductions, and application for child tax credit and family allowance. It's essential for students to keep all receipts for seven years, as the tax office can carry out checks within this period.
Family Allowance and Child Tax Credit
Austrian students or their families can claim tax benefits mainly through family allowances and child tax credits if they qualify. Taxpayers who claim a family allowance are entitled to a child tax credit, which is paid monthly together with the family allowance. The family allowance covers offspring enrolled in higher education.
Direct Study Support
Austrian citizens and equivalent foreigners enrolled in degree programmes at public universities and equivalent institutions may apply for grants under the Students Support Act. Supports can include study grants, insurance contributions, allowances for studies abroad, commuting allowances, and various scholarships.
Vocational Training Costs Deductibility
Training expenses claimed as extraordinary expenses must meet criteria such as the training being “external vocational training,” defined partly by the training location's distance from residence. If the training location is within 80 km and reachable by weekday public transport, these costs are generally not deductible.
Grants and Scholarships
Eligibility for grants is often based on parents' income levels, social eligibility, and study progress. Additional earnings limits apply for receiving grants.
Insurance and Pension
Students can be co-insured with their parents' health insurance, saving on their own insurance and benefiting from their parents' health insurance fund. Students can also take out a voluntary pension insurance.
Travel and Cooking Tips
The article also includes tips for students on saving money, such as traveling and cooking, to have more money left at the end of the month.
In summary, Austrian students or their families can claim tax benefits mainly through family allowances and child tax credits if they qualify. Direct deductions for study-related expenses, including vocational training, are limited and subject to strict conditions. Financial grants are also widely available but depend on income and study progress criteria.
For more detailed information, it's advisable to check the Students Support Act details and consult Austrian tax authorities or student support offices. The article contains quicklinks for student housing in Vienna, Graz, and holiday apartments, as well as links to various student organizations and banks. The article is copyrighted from 2007 to 2023, and the contact information for the organization is provided.
- Students in Austria can find valuable resources for managing their personal-finance, such as tax advice, family allowances, child tax credits, and information about grants and scholarships, on various websites like the Chamber of Labor, ÖH (Austrian Student Union), and the Students Support Act.
- To effectively educate themselves about personal-finance, students can learn from sources like education-and-self-development materials on topics like tax declaration, tax liability, tax deductions, and the benefits of family allowances and child tax credits, which are crucial for financial independence and successful learning experiences.
