My new job allows me to salary sacrifice a portion of my wage into an expenses card. I also have a HECS/HELP debt.
I understand that the way the student debt repayment is calculated will result in me having to pay more HECS. No problem there. My question is that, if I simply save the money and pay the difference after lodging my tax return in 2024, will that still be allocated to my HECS debt? Or should I have my employer deduct more tax each pay cycle? Alternatively, if I make voluntary payments to my HECS debt via Bpay throughout the financial year, will this count towards the 'extra' I will owe upon lodging my tax return?
I just want to make sure that however I pay extra HECS, that it will be allocated and 'counted' towards the shortfall in HECS I will owe. I don't want to pay extra throughout the year and then still have a tax bill.
I hope my question is clear enough. Thanks
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