Will HELP debt incurred this financial year need to be paid with last years tax return? I earned enough last financial year to have to make payments, and I'm only just lodging that return now (I know it's late) - have had no employer deductions. I have also incurred additional HELP debt this financial year - will that also need to be paid with last year's return, or will that not apply until I do this year's taxes?
"If you have a loan when you lodge your tax return and your repayment income is above the minimum repayment threshold, we will work out your compulsory repayment and include it on your notice of assessment. This will occur even if your tax return is for an income year before you started studying."
Say you started studying on 1/1/2022, you lodge your 2020 tax return on 1/7/2023, a compulsory repayment would be raised, even though you didn't have a help debt in 2020.
You may be able to apply for a deferment of the repayment through the ATO in this scenario.
More information on paying off the student loan can be found at ATO Community or Study and training support loans | Australian Taxation Office (ato.gov.au)
"If you have a loan when you lodge your tax return and your repayment income is above the minimum repayment threshold, we will work out your compulsory repayment and include it on your notice of assessment. This will occur even if your tax return is for an income year before you started studying."
Say you started studying on 1/1/2022, you lodge your 2020 tax return on 1/7/2023, a compulsory repayment would be raised, even though you didn't have a help debt in 2020.
You may be able to apply for a deferment of the repayment through the ATO in this scenario.
More information on paying off the student loan can be found at ATO Community or Study and training support loans | Australian Taxation Office (ato.gov.au)
Thank you Adam, that's really helpful. I couldn't find that for the life of me!
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