I work in a not-for profit company and salary package $15,900 per year. I also salary sacrifice $150 into my super, and put $150 towards my HECS debt to make sure I don't have a tax debt at the end of the year.
Am I correct in thinking that if I increase the amount that I salary sacrifice into my super, this would lower my taxable income, and therefore, my HECS repayments, and also increase my tax home pay? I would love to know how best to work this out
If you salary package student loan repayments then these are voluntary payments. Link here
Voluntary repayments | Australian Taxation Office (ato.gov.au)
Voluntary payments don't negate any of the compulsory repayment amount applied on your tax assessment when you next lodge a tax return.
HECs repayment income includes salary sacrifice amounts, so this won't lower your HECS compulsory repayment amount. Try the repayment calculator.
If you salary package student loan repayments then these are voluntary payments. Link here
Voluntary repayments | Australian Taxation Office (ato.gov.au)
Voluntary payments don't negate any of the compulsory repayment amount applied on your tax assessment when you next lodge a tax return.
HECs repayment income includes salary sacrifice amounts, so this won't lower your HECS compulsory repayment amount. Try the repayment calculator.
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