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Re: HELP loan deductions

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Newbie

Views 892

Replies 2

Hello,

 

I have had HELP loan payments deducted from my fortnightly pay, yet I am going to come in well under the 45K threshold for the financial year.

 

Will I receive this money back when I lodge my tax return?

 

Thanks

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Taxicorn

Replies 1

The money taken out is not used to immediately repay your debt but held as a credit by the ATO until you lodge your tax return at the end of the financial year.

 

Once your correct taxable income and repayment income is known any credit that is not needed to pay back any additional tax payable or government debts will then be used to repay the debt.

 

Any surplus or shortfall will then be credit/debited to you.



Repayment income is calculated from the amounts given on your income tax return for:
your taxable income- disregarding any assessable First Home Super Saver ( FHSS) released amounts ;
reportable fringe benefits (reported on your payment summary);
total net investment loss (which includes net rental loss);
reportable super contributions; and
exempt foreign employment income amounts.

2 REPLIES 2

Most helpful response

Taxicorn

Replies 1

The money taken out is not used to immediately repay your debt but held as a credit by the ATO until you lodge your tax return at the end of the financial year.

 

Once your correct taxable income and repayment income is known any credit that is not needed to pay back any additional tax payable or government debts will then be used to repay the debt.

 

Any surplus or shortfall will then be credit/debited to you.



Repayment income is calculated from the amounts given on your income tax return for:
your taxable income- disregarding any assessable First Home Super Saver ( FHSS) released amounts ;
reportable fringe benefits (reported on your payment summary);
total net investment loss (which includes net rental loss);
reportable super contributions; and
exempt foreign employment income amounts.

Newbie

Replies 0

Thanks mate!