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FEE- HELP

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Newbie

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I am looking into studying a postgraduate qualification next year (to start in Feb) I know my current income will mean in will be paying back roughly 7% PA of this debt. I am wondering when the compulsary payment amount will be figured out? Do I give this inforamtion when I enrol and can start paying back or do I  have to wait until I lodge my tax next year? Thanks

1 ACCEPTED SOLUTION

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Most helpful response

ATO Certified Response

Former Community Support

Replies 0

Hi @kt1978,

 

Welcome to our Community!

 

If you enter into a contract for a study or training support loan, you must start making compulsory repayments when your repayment income exceeds the minimum repayment threshold.

 

When you lodge your income tax return, we'll calculate your repayment income based on:

  • taxable income
  • reportable fringe benefits
  • total net investment loss
  • reportable super contributions
  • any exempt foreign employment income amounts.

Any compulsory repayments you're required to pay will be included on your notice of assessment (NOA).

 

You may wish to complete a withholding declaration to notify your employer of a change to information you previously provided in your TFN declaration.

 

Check out our guide on Paying my HELP debt for more information on how the system works or if you have further questions, you can phone us on 13 28 61 between 8am - 6pm, Monday to Friday to speak with an operator.

 

Thanks, JodieH.

1 REPLY 1

Most helpful response

ATO Certified Response

Former Community Support

Replies 0

Hi @kt1978,

 

Welcome to our Community!

 

If you enter into a contract for a study or training support loan, you must start making compulsory repayments when your repayment income exceeds the minimum repayment threshold.

 

When you lodge your income tax return, we'll calculate your repayment income based on:

  • taxable income
  • reportable fringe benefits
  • total net investment loss
  • reportable super contributions
  • any exempt foreign employment income amounts.

Any compulsory repayments you're required to pay will be included on your notice of assessment (NOA).

 

You may wish to complete a withholding declaration to notify your employer of a change to information you previously provided in your TFN declaration.

 

Check out our guide on Paying my HELP debt for more information on how the system works or if you have further questions, you can phone us on 13 28 61 between 8am - 6pm, Monday to Friday to speak with an operator.

 

Thanks, JodieH.