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Trade Support Loan

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Newbie

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I have an employee who has given me his Tax Declaration with the box ticked regarding loans.

 

I asked if it was a HECS/HELP debt and he said it was a Trade Support Loan (TSL)

 

I use Xero software and the only options I have to select are:

 

HECS/HELP Debt

Financial Supplement Debt

Student Startup Loan

 

can anyone advise which box I tick in Xero for Trade Support Loan?

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Taxicorn

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@PaulaWalker 

 

I would select Hecs/Help debt as the Repayment rates are the same as TSL.

 

https://www.ato.gov.au/Rates/HELP,-TSL-and-SFSS-repayment-thresholds-and-rates/#helpsslabstudyssltsl...

 

 

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Best answer

Taxicorn

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@PaulaWalker 

 

I would select Hecs/Help debt as the Repayment rates are the same as TSL.

 

https://www.ato.gov.au/Rates/HELP,-TSL-and-SFSS-repayment-thresholds-and-rates/#helpsslabstudyssltsl...

 

 

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Newbie

Replies 1

Hi Macfanboy,

 

thank you for your response.  I was considering doing that. 

 

I just hope it turns out okay at the ATO end.

 

 

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Community Manager

Replies 0

Hi @PaulaWalker,

 

Great advice from @macfanboy. Choosing Hecs/Help is correct, this will allow you to withhold the correct amount for your employee.

 

KylieS

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