Author: HD91(I'm new)I'm new 25 July 2022
Hey there,
I am confused regarding 21-22 HELP repayment, the ATO estimate calculator came back with approx. $1600 in HELP repayments this year. My income is $73,000 pre tax.
However just over 5k has been put into the account from this years return? This looks well over what I should be paying. I assumed this to be covering what I owe from last year, as this would equal what I owe plus this year, plus an extra $300. However, the debt is still standing.
2022 HELP Compulsory repayment credit
$5,322.96 BALANCE $38,963.67 DR
I am very confused, any help appreciated!
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2 replies
Author: VeLo(Master)Master 26 July 2022
Hi @HD91
HELP repayments are calculated based on your repayment income.
Repayment income (RI) is taxable income plus any total net investment loss (which includes net rental losses), total reportable fringe benefits amounts, reportable super contributions and exempt foreign employment income.
Did you have any fringe benefits like salary sacrifice? Or any of the other things listed above?
A HELP repayment on $73,000 is closer to $3,285, so unless you had large deductions, it's possible your original calculation was incorrect.
If you call 13 38 61, you can ask for an explanation that is tailored to your notice of assessment.
Author: HD91(I'm new)I'm new 26 July 2022
Hey Velo,
Thank you, this has been very helpful. Saved me waiting on hold.
Much appreciated.
