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Re: HELP debt

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LMM
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I started studying in February 2017.  At the same time, instructed my employer that i now had a HELP debt and to take extra tax out of my pay.  I got my 16/17 tax done today and it turns out i have a tax debt!  How did this happen if i have been having extra tax taken out since i started studying?

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ATO Certified

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Hi @LMM,

 

Welcome to our Community!

 

Generally speaking, when you lodge your tax return for the 2016/17 financial year your compulsory HELP repayment is based on income you've earned for the full financial year, whereas your employer only withheld payments from February 2017 to June 2017. These repayments may not have been enough to cover your compulsory repayments for the full financial year.

 

We can't guarantee it's safe to share personal information in an online forum, we can't access your account to see the calculations of your return. You can phone us on 13 28 61 between 8am - 6pm, Monday to Friday to speak with an operator. Have your TFN or Notice of assessment with you when you call so the operator can ask you some identity questions to access your account and provide an account explanation.

 

Thanks, JodieH.

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Taxicorn

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It all depends on how you got a tax debt.

 

It all depends on your taxable income, amount of tax actually paid and what % of HELP you should have been having withheld.

 

Difficult to answer without knowing these facts.

 

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ATO Certified

Community Support

Replies 0

Hi @LMM,

 

Welcome to our Community!

 

Generally speaking, when you lodge your tax return for the 2016/17 financial year your compulsory HELP repayment is based on income you've earned for the full financial year, whereas your employer only withheld payments from February 2017 to June 2017. These repayments may not have been enough to cover your compulsory repayments for the full financial year.

 

We can't guarantee it's safe to share personal information in an online forum, we can't access your account to see the calculations of your return. You can phone us on 13 28 61 between 8am - 6pm, Monday to Friday to speak with an operator. Have your TFN or Notice of assessment with you when you call so the operator can ask you some identity questions to access your account and provide an account explanation.

 

Thanks, JodieH.

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