I paid my HECS debt off early this year, however my tax return estimate is still very low. Will the amount that will be estimated include the return of HECS that was withheld from my salary after my debt was repaid.
Hi @harrietb,
No, if your income statement is tax ready it won't increase. When you say it should be around 1.5k mark what have you based this on?
If you have paid extra tax towards your HECS, then you may expect an increase.
When completing your tax return in Australia, having a HECS-HELP debt can affect the amount of tax you need to pay and the information you need to include [removed by moderator]
Hi @Sabbott97,
The long and short of it is yes, the amount estimated includes the extra tax withheld to cover your expected HECS repayment.
It's still very early to be lodging your tax return so things may change when your return becomes 'tax ready'.
See our article Paying my HECS HELP student loan for more info.
Hi,
I am in a similar situation, my HECs debt was paid off earlier this year, however my estimated tax return is showing very low and isn't near the amount deducted from my pay. Also on mygov I have a status of tax ready. Will this amount increase? It should be more around the $1.5k mark and it is nowhere near this.
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