I have just under $10,000 left owing on my HECS debt and I want it paid off this financial year. Last year I can see that $7,775 was put towards the debt following the lodgement of my 2023-2024 tax 'return' (I had a bill!), but my pay has gone up slightly a couple of times in the last financial year so I would assume that more should be deducted this financial year. I want to find out how much the difference is between my debt ($9,006) and the total HECS deductions that will have been automatically taken by June 30, so that I can make a payment of that amount before indexation is applied on June 1st - don't even get me started on the fact that the indexation amount is applied on the figure from the previous year, despite money being taken every fortnight from my pay! This whole system is terrible. My payslips are no help and the ATO won't offer live chat to find out. Please help!
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Can't answer your question. However the student loan calculator will tell you what your repayment amount will be.
Study and training loan repayment calculator | Australian Taxation Office
If you know how much tax has been withheld from your income and calculate what your tax liability will be then you can work out the extra withholding for your HELP repayment. Find a tax calculator online.
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Can't answer your question. However the student loan calculator will tell you what your repayment amount will be.
Study and training loan repayment calculator | Australian Taxation Office
If you know how much tax has been withheld from your income and calculate what your tax liability will be then you can work out the extra withholding for your HELP repayment. Find a tax calculator online.
"I want to find out how much the difference is between my debt ($9,006) and the total HECS deductions that will have been automatically taken by June 30"
- I don't think there's much to gain from knowing that. The tax return would have income tax, medicare levy, HECS repayment.
- the 'HECS deduction' is actually more PAYG withholding (look for Study and training support loans).
- The compulsory repayment is at most a % of your repayment income, not a % of your debt. If the remaining balance is less than the compuslory repayment, then it's just the remaining balance.
Alternatively, you can do a voluntary payment to the HECS account to pay it off (and before the indexation), tell your employer you no longer have a HECS debt. Unused PAYG withholding would be refunded to you in the tax return.
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