new hecs/help loan incurred march2023 $4,000 Taxable income will be $60,000.Do i pay the full 2.5% ie$1,500 based on my Taxable Income .tax decl was oobviously only changed for extra tax in mar23 and i am now only working parttime.i do know new loans aren't indexed yet.
Hey @davoo,
Yes, if your taxable income for the 2022-2023FY is between $59,187 - $62,738 then the compulsory repayment rate is 2.5%. So, your compulsory repayment rate will be the full 2.5% of your income.
Indexation applies to your loan when your loan remains unpaid for more than 11 months. So as your loan was only incurred in March then you won't be indexed.
Hey @davoo,
Yes, if your taxable income for the 2022-2023FY is between $59,187 - $62,738 then the compulsory repayment rate is 2.5%. So, your compulsory repayment rate will be the full 2.5% of your income.
Indexation applies to your loan when your loan remains unpaid for more than 11 months. So as your loan was only incurred in March then you won't be indexed.
thank you
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