How is help debt repayment calculated

Use our online student loan repayment calculator to see how long it will take to pay off your loan. It may be helpful to see how much faster you can pay off your loan if your income changes, or if you make additional payments. Paying off my student loan faster. This calculator estimates your loan repayment obligation, how long it will take and how quick with extra repayments. Heads up. We're taking you to our old site, where the page you asked for still lives.

Read our ultimate guide to tax deductions. If you are working more than one job, each employer will only withhold additional tax to cover your HECS-HELP debt based on the income that they pay you. If your combined income from multiple employers is over the minimum repayment threshold, you will still be liable to make a repayment towards your HECS-HELP debt when you lodge your tax return.

Use one of our Taxsaver envelopes to keep all your receipts and documents for the year. Remember — if you are not sure if you can claim an expense, keep the receipt and we will ensure that we claim all allowable deductions and rebates for you whilst preparing your tax return.

Every year we help thousands of Australians achieve a better taxation result. For your nearest office call 13 23 Phone Appointments available. Find an office to book your appointment. If they take too much, then you get it back through a tax return. And if you work intermittently — and get larger payments, for example, over Christmas — you could pay more Hecs for those weeks. Help is an umbrella term designed to capture everything.

The new rules apply to Help — ie everything. Within Help is Hecs-Help, which is the most common kind of debt and is what you most likely colloquially call all student loans. Hecs-Help is for commonwealth-supported places, which is most undergraduate courses and a few postgraduate.

There is also Fee-Help for full-fee courses, ie most postgrad , Vet Fee-Help for vocational colleges and OS-Help for when you study overseas or are on exchange. A Hecs debt is effectively an interest-free loan. So, your adjusted taxable income equals your salary plus the gross value of your fringe benefits e. Otherwise you may end up with a bill at tax time.

PAYG tax rates effective 1 July have been used. The actual administration fee that applies to you may vary depending on your employer and may alter the calculation. Estimated annual benefit based on the assumption that an employee does not have any accumulated Financial Supplement debt. Your benefits will vary depending on your income and personal circumstances. Benefits and savings will vary depending on personal objectives, financial situation and needs.