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akidinmelb(I'm new)I'm new
5 Nov 2023

Hi,


I completed my tax return last week through the online MyGov system and I thought it would automatically calculate my HELP repayment after submission, however in my notice of assessment that I just received I saw that there was nothing related to HELP payments.


I started studying in Jan 23 and forgot to ask my employer to withhold extra tax for the HELP payments, although I have done this now. I thought the online tax tool would automatically calculate the amount of tax I have to pay towards HELP for the return before the notice of assessment was completed.


Is there a way I can add the HELP payment my last year's tax return by completing an amendment of some sort?


Thanks


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3 replies
816 views
3 replies

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Most helpful reply

YianaATO(Community Support)Community Support
5 Nov 2023

Hi there @akidinmelb


You will start paying your HELP loan when your repayment income exceeds the minimum repayment threshold. For the 2022- 23 year the threshold was $48,361. If your income was below this, you do not pay for your HELP loan yet.


The online tax tool will automatically calculate if you are required to make a compulsory payment towards your HELP loan.


Have a read of our article paying my HECS HELP student loan for some more help on how your HELP loan works.

All replies

Most helpful reply

YianaATO(Community Support)Community Support
5 Nov 2023

Hi there @akidinmelb


You will start paying your HELP loan when your repayment income exceeds the minimum repayment threshold. For the 2022- 23 year the threshold was $48,361. If your income was below this, you do not pay for your HELP loan yet.


The online tax tool will automatically calculate if you are required to make a compulsory payment towards your HELP loan.


Have a read of our article paying my HECS HELP student loan for some more help on how your HELP loan works.

Liked by akidinmelb
akidinmelb(I'm new)I'm new
6 Nov 2023

Thanks for your reply, my income was greater than the threshold but it still didn't calculate a compulsory payment. Just wondering what I need to do? Is it because i started part way through the tax year that it didn't calculate a repayment?

AriATO(Community Support)Community Support
6 Nov 2023

Hi @akidinmelb


If your debt was added in January 2023 then this will be considered the following financial year. If a compulsory repayment wasn't raised in your recent return and you received a refund then you can make a voluntary contribution instead.

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