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FHSSS and HELP Repayment

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I'm new

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Replies 2

Hi, 

Will contributing to the FHSS scheme affect my HELP Repayments?  Ive heard that making a vol contribution to the FHSS will reduce my required repayments?  

Thanks!

 

1 ACCEPTED SOLUTION

Accepted Solutions
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Best answer

Community Manager

Replies 0

Hi @Aussiedoc,

 

Thanks for your question.

 

Only amounts that you salary sacrifice into super will be counted as reportable employer super contributions for the year. These amounts will be included in your repayment income for study and training loans.

 

The contributions that you withdraw under the FHSS scheme will not be part of your repayment income in the year that you withdraw them .

 

Thanks

 

KylieS

 

2 REPLIES 2
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Taxicorn

Replies 1

Nothing will reduce your required payments.

It will add back onto your taxable income the contributions made.

 

https://www.hrblock.com.au/tax-tips/understanding-hecs-help

Highlighted

Best answer

Community Manager

Replies 0

Hi @Aussiedoc,

 

Thanks for your question.

 

Only amounts that you salary sacrifice into super will be counted as reportable employer super contributions for the year. These amounts will be included in your repayment income for study and training loans.

 

The contributions that you withdraw under the FHSS scheme will not be part of your repayment income in the year that you withdraw them .

 

Thanks

 

KylieS