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HIGHER EDUCATION LOAN PROGRAM HELP

AND

STUDENT FINANCIAL SUPPLEMENT SCHEME

TAX REPAYMENT THRESHOLDS AND RATES 30 JUNE 2023

All Study and Training Loans tax repayment thresholds and rates

Below     $48,361                                Nil

$48,361 - $55,836                               1.0%

$55,837 - $59,186                               2.0%

$59,187 - $62,738                               2.5%

$62,739 - $66,502                             3.0%

$68,503 - $70,492                               3.5%

$70,493 - $74,722                              4.0%

$74,723 - $79,206                               4.5%

$79,207 - $83,958                             5.0%

$83,959 - $88,996                             5.5%

$88,997 - $94,336                             6.0%

$94,336 - $99,996                            6.5%

$99,997 - $105,996                           7.0%

$105,997 - $112,355                         7.5%

$112,356 - $119,097                         8.0%

$119,098 - $126,243                         8.5%

$126,244 - $133,818                         9.0%

$133,819 - $141,847                         9.5%

$141,848 and above                        10.0%

 

HELP & SFSS repayment income is taxable income, net investment losses, reportable fringe benefits, exempt foreign income and reportable superannuation contributions.

A full up-front payment will receive at 10% discount.

Voluntary repayments of $500 or more can be made at any time and will receive a 5% discount.

You will need to notify your payroll of your HELP debt.

From 1 July 2017 Australians who have moved overseas for more than 6 months will be required to pay back the same amount of their HELP debt as they would if they were residing in Australia.

 

 

DISCLAIMER
The information provided in the above documents is not intended to be, nor should it be construed as tax advice. Any specific recommendation for a client can only be done after their individual circumstances have been determined by David Douglas Accountants.

We have clients from the following locations:

Brisbane, Albion, New Farm, Teneriffe, Newstead, Windsor, Wilston, Bowen Hills, Wooloowin, Herston, Lutwyche, Hamilton, Eagle Farm, Gordon Park, Fortitude Valley, Clayfield, Ascot, Hendra.

Morayfield, Burpengary, Caboolture, Bellmere, Wamuran, Narangba, North Lakes, Mango Hill, Kallangur, Dakabin, Deception Bay, Bribie Island, Elimbah, Kippa-Ring.

We do tax returns for individuals, trusts, companies, partnerships, contractors, ABNs and sole traders.

Liability limited by a scheme approved under Professional Standards legislation