Announcements
COVID-19 update: Check out our answers to common questions about JobKeeper payment and early release of super.

ATO Community

Re: Hecs

Highlighted

I'm new

Views 202

Replies 3

Can I put my HECS repayments on hold as my husband has lost his job due to COVID 19 and I still earn over the partner threshold for him to claim New Seekers allowance. With my current income, we only just make rent and health insurance payments. Without my husband's contributions we cannot afford groceries, petrol etc.
1 ACCEPTED SOLUTION

Accepted Solutions
Highlighted

Best answer

Community Manager

Replies 0

Hi @NewboldB

 

Have a look at the information regarding the Temporary early Release of Superannuation. 

 

This is the eligibility;

 

You are eligible to access your superannuation if you meet any of the following criteria:

 

 

  • You are unemployed.
  • You are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance.

On or after 1 January 2020, either    

  • you were made redundant
  • your working hours were reduced by 20% or more
  • your business was suspended or there was a reduction in your turnover of 20% or more, if you are a sole trader.

Hope this helps

 

Let us know if you have any other questions. 

 

KylieS 

 

 

3 REPLIES 3
Highlighted

Taxicorn

Replies 0

@NewboldB 

 

You can certainly stop having money set aside for the hecs debt but will still need to pay it when you lodge your tax return if your repayment income exceeds the limit.

 

 

Highlighted

Devotee

Replies 0

@macfanboy is completely right. You can ask your employer to fill out a tfn withholding variation to stop your hecs being withheld and you will pretty much immediately stop having the extra amount taken out of your pay. However, when you lodge in July you may end up with a bill. You can probably enter into a payment plan for that though.

Have you considered accessing your super if you are in financial trouble? There is a new measure allowing people impacted at this awful time to get up to $10,000 of your super. There is info on here about it
Highlighted

Best answer

Community Manager

Replies 0

Hi @NewboldB

 

Have a look at the information regarding the Temporary early Release of Superannuation. 

 

This is the eligibility;

 

You are eligible to access your superannuation if you meet any of the following criteria:

 

 

  • You are unemployed.
  • You are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance.

On or after 1 January 2020, either    

  • you were made redundant
  • your working hours were reduced by 20% or more
  • your business was suspended or there was a reduction in your turnover of 20% or more, if you are a sole trader.

Hope this helps

 

Let us know if you have any other questions. 

 

KylieS