YOUtax Blog

HECS-HELP Changes

Posted by Rebel Beckett on Jul 11, 2018 11:39:42 AM

HECS-HELP Threshold Lowered

The compulsory HECS-HELP repayment threshold has been reduced  by the Government from $55,874 down to $51,957, as of the 2018-19FY. This means that you will have to start contributing to your HECS-HELP Debt earlier. Be sure to inform your employer of your education costs, to allow for the correct tax to be withheld. 

Want a clearer picture? Click on the following ATO link to calculate your repayment responsibilities.

CLICK HERE for the HECS-HELP Repayment Calculator 

 

HECS-HELP Benefit

Did you know there is a benefit where the government will contribute payments to your HECS-HELP Debt?

In 2009 the government introduced a benefit to help the following graduates reduce their HECS-HELP Debt:

  • Teachers and Educators
  • Nurses and Midwives
  • Early Childcare educators

The Government has abolished this benefit as of 1 July 2017 however those eligible have until 30 June 2019 to claim a benefit for the 2016-2017 financial year.

The HECS-HELP benefit is calculated on a pro-rata basis, determined by the number of weeks worked in the financial year. Taxpayers could be eligible for more than one benefit.

Income Year   

  Early Childhood Education Teachers   

   Maths or Science Graduates   

Education and Nursing (including Midwifery) Graduates   

2016-2017

$1,947.17

$1,825.46

$1,825.46

 

Complete the ATO Application Form and mail it in to receive your HECS-HELP Benefit

CLICK HERE for overview of HECS-HELP Benefit on the ATO website

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