The compulsory HECS repayment threshold for the 2020-21 income year is $46,620.
HECS is a Commonwealth Student Loan Program helps students enrolled in Commonwealth-supported education to pay their student contribution amounts.
When you reach the compulsory repayment threshold, even while you are still studying, your HECS-HELP debt must be repaid through the taxation system.Every year, the compulsory repayment threshold is adjusted.
The income for the 2020-21 tax year will be compulsory repayment for HECS-HELP threshold is $46,620.
What will my HECS-HELP repayments be?
Repayment income is a percentage of what you repay each year. Your repayment amount increases as you earn more; therefore, the more money you earn, the higher your repayment amount will be. You will receive a notice of assessment from the ATO with your mandatory repayment for the year included.
Can HECS-HELP repayments be deducted from taxes?
Tax deductions are not available for voluntary repayments made by anyone other than your employer. If your employer makes voluntary repayments on your behalf, it may be eligible to receive a tax deduction, but it may also be subject to fringe benefit tax on these repayments.
2020-2021 HELP & TSL repayment thresholds and rates
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