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Novated Lease and HELP Debt threshold

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Newbie

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Replies 1

Hello! I'm considering starting a Novated lease agreement with my employer. I believe that the change to my taxable income through the Novated Lease Program will move my taxable income below the automatic threshold for my HELP debt to be paid directly from my payslip. Will that still be the case when I do a tax return in 29/20, or should I be putting money aside each fortnight to avoid a nasty surprise next EOFY?

 

1 ACCEPTED SOLUTION

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Best answer

Taxicorn

Replies 0

Salary sacrifice is counted towards your Help Repayment income so you will need to inform your employer that you have a Help debt so they can adjust the tax being paid.

1 REPLY 1
Highlighted

Best answer

Taxicorn

Replies 0

Salary sacrifice is counted towards your Help Repayment income so you will need to inform your employer that you have a Help debt so they can adjust the tax being paid.