I have just started at uni and want to have my employer withhold the amount of my annual course so that it can then be paid at tax time. I believe I need to complete the withholding declaration. Is the correct section then at question 7 and do then put the annual amount in there?
Hi @Trishv,
Yep, when you give your employer a new withholding declaration it lets them know you have a HECS debt, and they'll withhold some extra tax. You'd just answer yes to question 6. A compulsory payment is only made at tax time if you earn over the threshold for that year ($54,435 for this financial year).
We have a helpful breakdown about how paying your HECS HELP student loan works, check it out if you're interested. 😊
Hi @Trishv,
Yep, when you give your employer a new withholding declaration it lets them know you have a HECS debt, and they'll withhold some extra tax. You'd just answer yes to question 6. A compulsory payment is only made at tax time if you earn over the threshold for that year ($54,435 for this financial year).
We have a helpful breakdown about how paying your HECS HELP student loan works, check it out if you're interested. 😊
Thank you very much. So the only way I can get my employer to take out extra money so that I dont build a debt as such as to get them to pake payments this way is that right?
How do I make voluntary HECS/HELP repayments?
To make a voluntary repayment, log into your ATO online
account. From the menu select Tax > Accounts > Loan accounts. In this view you’ll see your loan balance and the option to make a voluntary repayment via BPAY, credit or debit card.
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