I have paid off HECS on 7/3/23 and forgot to inform my employer until 10/7/23. The withholding declaration form has been signed and returned to the employer. However, the study loan has been deducted from my income during the time. From my understanding that ATO should return the deducted amount of repayment which had been taken after 7/3/23. Is that right?
From my understanding that ATO should return the deducted amount of repayment which had been taken after 7/3/23. Is that right?
Yes, the overpayment from 7/3/23 to 30/6/23 will be included in your 2023 income tax assessment.
Any amount after 30/6/23 will be included in your 2024 assessment.
From my understanding that ATO should return the deducted amount of repayment which had been taken after 7/3/23. Is that right?
Yes, the overpayment from 7/3/23 to 30/6/23 will be included in your 2023 income tax assessment.
Any amount after 30/6/23 will be included in your 2024 assessment.
Thanks for your answer!
Has it been included in PAYG withholding? If so, that's probably why I couldn't see it on my NOA 2023.
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