HECS HELP REPAYMENTS 2018
HECS HELP REPAYMENTS
Author: Duncan Warnock CPA | May, 2018
HECS Repayment thresholds for 2018 tax returns
What HECS HELP Repayments do I need to make for my 2018 tax return? If you are confused by how much HECS you need to pay when you lodge you tax contact Warnock Accounting in Geelong. We can explain how its calculated and how the amount changes based on income.
Your much anticipated tax refund can quickly evaporate if insufficient tax has not been withheld from your wage during the year because the required HECS HELP repayment has not been correctly calculated. If you have a HECS debt and you are not sure if your employer knows that you do then usually its a good idea to check in with your payroll department to see if additional tax is being withheld from your pay for HECS repayment purposes.
For the current tax year ending June 2018 no HECS HELP repayments are required if your 'repayment income'* is below $55,874. This threshold has increased from $54,869 for the 2017 tax year. 'Repayment income' in the table below is defined by the Tax Office as: Taxable income plus any total net investment loss (which includes net rental losses), total reportable fringe benefits amounts, reportable super contributions and exempt foreign employment income.
For further information or assistance contact Duncan Warnock CPA at Warnock Accounting today.
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